Most of the seniors who approach their Medicare eligibility wonder, “Is Medicare a good plan?”
We agree, there are times when Medicare plans also get some bad reviews. Recipients do complain about prices of prescription drugs & even the coverage issues mainly for long-term care.
Also Read: Top 5 Medicare Plans of 2020
If you are near to reach Medicare eligibility, then it is very important to treat Medicare with an appropriate mind as well as actions. Keep in mind that your plan can be different from your union healthcare plan or employer healthcare plan and this is completely based on the plan & coverage you select. However, Medicare comes with a lot of new things.
Do you know the 5 reasons why Medicare is necessary? If not, keep reading!!!
1) PREMIUM OF MEDICARE IS LOW THAN PRIVATE HEALTH PLAN
People who qualify for Premium Free Part A, they have to only pay for their premium of Part B for Original Medicare coverage.
While the premium of Part B is $ 135.50, the average monthly premium of private healthcare plans is around $ 403 (in 2019).
Plus, the premium of Medicare rises slower than other private healthcare plans. Since 2013, the premiums of private insurance increased by 123% and the premium of Part B increased just by 25% or $ 30 per month.
And you will be happy to know that you will now pay lower premiums for Medicare in the year 2020. Now, does that ever occur in the private insurance plans?
Also Read: Choose Top Rated Medicare Plans For You
2) PEOPLE WHO NEED ADDITIONAL HELP CAN ACQUIRE IT
After understanding the fact that Medicare is the only facility for seniors, the government designed the plans in a way that even the limited income-earning community can enjoy the benefits. You can avail both state as well as government programs to cover your premiums of Part B along with coinsurance, copayments and deductibles amounts. In fact, the Part D prescription drug program is created with an income-based program in order to reduce the expense of medications.
And if you are lucky enough to get qualified for both Medicaid & Medicare, you can sign up in a special Medicare Advantage plan which offers coverage for all your health care requirements such as prescription drug without any monthly premiums.
3) AMPLE OF OPTIONS
If you own coverage for the employer, you will be pretty much aware that the insurance holder is bound to go along with whatever the insurance company provides in terms of healthcare insurance. No matter if your coverage is benefitting or not, your options will be restricted by your employer.
But let us assure you that Medicare is entirely different. Often people stay with their Original Medicare, while 35% of people who select Medicare Advantage do have about 21 total plans to pick from. In simpler words, the recipient is not bound with a different person’s idea and you will be free to pick your coverage depending on what’ is suitable for your requirements and situation.
Also, you won’t be stuck with your selection for many years. At some point when you unhappy with your plan, you will still have an option to switch to another coverage.
Also Read: In-Depth Comparison of Medicare Insurance
4) PREDICTABLE HEALTHCARE EXPENSE
When you purchase a Medigap or Supplement Plan, you will get 1st dollar coverage on all your healthcare expenses which means you will spend nearly nothing while you want medical care.
With Medicare Advantage plan, you can effortlessly control your healthcare expenses. Most of these plans only have one deductible. Also, despite of spending a percentage of the fees in Part B, many plans under Medicare Advantage utilize a set copayment.
Every Medicare Advantage plan has a fixed out-of-pocket limitation set by the government every year, however, most of the plans have limitations below the federal amount. This means you will never have to spend more than your plan limits every year regardless of how much healthcare you want.
Also Read: Difference Between Medicare And Medicaid
5) NEW ADVANTAGES TO MAINTAIN YOUR HEALTH
Medicare serves numerous benefits for your preventive care, no matter you select Medicare Advantage or Original Medicare. Medicare periodically reviews their recipient’s suggestions for their wellness as well as preventive care. After reviewing, they adjust coverage appropriately which directly allows you to access the immunizations, tests, and screenings that you require to stay healthy.
Now, Medicare Advantage plans are offering many fresh benefits with a primary objective to keep seniors healthy and safe at their home. There are many new benefits including in-home meal delivery, non-medical transportation and expanded coverage for telehealth services.
Also Read: How to Compare Medicare Advantage Plan?
There are also home healthcare benefits that include allowances for home safety devices & equipment, home-making services, and custodial care along with caregiver benefits such as respite care.
So now you will be clear which way to take for your Medicare coverage and even how to pick a suitable plan to fulfill your requirement.
For Sure, you will end up loving your Medicare Plan!!!