Ⓒ Copyright 2022 ALTCS.org | All Rights Reserved.
A lousy personal health year may strike anyone at any time. Whether your health is due to regular care needs such as dental care, vision-related eye care, hearing aids, prescription drugs. Or something major, like a heart bypass surgery. You could end up paying 20% of the total cost of the bill that is generally averaged at $85,891 for when things go smooth, making your total payable at $17,178. To avoid these coverage gaps in your Original Medicare coverage, all you have to do is decide to get either of these two:
1. Medicare supplemental insurance policies
2. Medicare Advantage plans
This article will give you a picture of what you should get based on your situation by weighing the pros and cons of each of these.
Medicare supplement, also known as Medigap, adds to your original Medicare policy, and it covers any hospital or doctor in the entire US where you may be traveling to if they accept Medicare. This is great for someone who travels frequently. Additionally, the Medigap plans usually cover the extra costs that are not included in the original Medicare, such as deductibles, copayments, and coinsurance. However, with Medigap, the main catch is that it is quite expensive; certainly, more than the Medicare advantage plan. Additionally, you will have to buy a stand-alone Medicare Part D Prescription Drugs plan because the cost of your medications will not be covered and will have to go out of your pocket, and in many cases, prescription drugs, too, are known to cost a hefty sum.
On the other hand, a Medicare Advantage Plan is a cheaper plan with more flexibility since it has been designed by private insurance companies. Hence, you may be offered additional benefits beyond those available in the Original Medicare, which includes routine healthcare such as that involving dental and eye care as well as access to health wellness programs. Additionally, it does not come with the burden of buying Medicare Part D prescription drug coverage, as in the Medicare Supplement plan, but will instead give the convenience of all Medicare benefits in one plan. The main cons of the Medicare Advantage Plan are that it is less commonly bought, as is the case with the Medicare supplemental plan. Moreover, it is important to select a plan that has none, or at most, minimal annual premium whilst checking up on copay and coinsurance costs. You may also want to ask your plan provider company whether they offer full or partial coverage of out-of-network care professionals if you have a preferred practitioner, not on the panel.
All in all, before choosing the option that’s best for you, think about the costs of the plan, the care network of the chosen plan, your local conditions as well as your lifestyle. Lastly, it is important to weigh the benefits that will be available to you through either of these plans. Lately, the government has given insurers some leeway in choosing additional coverage items that are not a part of the original Medicare in the Medicare Advantage Plan so you may also want to consider different plans among them to see which insurance company suits your needs the best!
Due to Covid-19, protecting both you and our current residents of the Assisted Living Care Communities and Group Homes is our highest priority. Therefore an appointment for a tour is required. We will notify the home that you would like a tour, and one of our resource partners will contact you to arrange a time and answer your questions.
Arizona Care Alliance