The 5 Best Things About Medicare
The day is finally here. You’ve been planning for it for years, and now you’re finally eligible to sign up for Medicare. Congratulations! Now that you have the time, take a few moments to get educated about all the benefits of this wonderful social safety net before signing up.
The five best things about Medicare are:
1) free checkups;
2) prescription drug coverage;
3) no waiting periods if hospitalization is needed;
4) affordable premiums and deductibles (and co-pays);
5) guaranteed coverage regardless of pre-existing conditions or history of cancer.
Some people may think that Medicare is not a good insurance plan, but the satisfaction rates show otherwise. A recent survey showed nearly 90% of enrollees are happy with their care and satisfied with their coverage choices compared to only about 80% who are pleased by employer plans.
In addition, some might say that there’s no long-term care coverage or prescription drug prices can be found in other countries for lower costs while others will point out these things as negatives because they like how easy it is to get health services through an HMO.
But regardless of what you believe on this subject, keep in mind: America loves Medicare!
- Are Medicare Premiums Lower than Private Health Plans
- Beneficiaries Get Extra Assistance When They need it
- An Abundance of Choices
- Predictable Health Care Costs Based on Choice
- You Can Be Healthy and Safe at Home With New Benefits
Are Medicare Premiums Lower than Private Health Plans
Medicare is a government-subsidized insurance program that covers people over 65 years of age. You only pay for Medicare Part A, the basics package that includes hospitalization and medical treatment in other settings like doctor’s offices or outpatient departments.
In 2021, you will be paying $148.50 per month instead of an average private health insurance premium price at $495 (which equals about 10% off).
For many Americans, the Affordable Care Act has meant not only greater access to healthcare coverage but also lower premiums. While private insurance plans have seen a 123% increase in their monthly rates since 2013, Medicare Part B is immune from these increases because it’s pegged to inflation and therefore remains affordable for most people.
A decrease in the cost of services is always a good thing. This seems to be true not only for private citizens but also for those who are enrolled with Medicare. In 2021, most people will pay lower premiums than they did in 2020!
A decrease in price has never been more common outside of healthcare programs like Medicare Advantage and Part D Prescription Drug Plans (PDPs). According to recent reports by Kaiser Family Foundation about these two specific plans: “from 2012 through 2019 annualized rates increased 137% for MA-PDs; 106% from 2018–19.”
However, this trend might soon reverse due mainly because according to new data released earlier today that shows premium prices have actually gone down nationwide since 2010—and some places even experienced an increase.
Beneficiaries Get Extra Assistance When They need it
With so many programs and offerings to help, it’s hard for seniors not on Medicare to know who can best serve their needs.
The government has recognized that Medicare is the only game in town for most seniors due largely because of its affordability with a number of state and federal assistance options like Part B Premiums, deductibles, copayments/coinsurance amounts.
Even the prescription drug program offers an income-based assistance plan which lowers costs associated with medications!
An Abundance of Choices
You have to accept your employer’s health insurance, no matter what. It doesn’t matter if the coverage is less than ideal- you’re limited by what they offer. That’s not the case with Medicare.
Although most people stick with Original Medicare, 35% of those who choose it also get a plan from one of 33 different types that are offered under Medicare Advantage instead.
In other words, there are many choices available for personalized healthcare: You can pick which type works best for you and make these decisions on your own without being stuck in between someone else’s idea or preconceived notions about how things should be done.
If you’re dissatisfied with your coverage, don’t worry! You are always able to change it at the beginning of every year. If you have Medicare Advantage and want to switch up plans during fall Annual Election Periods, then that’s an option too.
Predictable Health Care Costs Based on Choice
Medicare Supplements (Medigap)
You can spend a lot of money on out-of-pocket costs if you choose Original Medicare, but with Medicare Supplements or Medigap insurance plans your first dollar is covered.
There’s no limit to what you might have to pay for medical expenses in the event that something major happens and there are other uncertainties when choosing between private health care or traditional medicare coverage.
In 2020, two of the Medigap plans that pay your Part B deductible are going to be eliminated. This means if you buy a plan before January 1st, 2020 then you can keep it and not have any worries about paying for these deductibles in 2021.
But after this date, anyone who buys Plan G will end up having to deal with $203 worth of Part B Deductible which they would otherwise not have had due to one less option being available on the market!
Medicare Advantage (Plan C)
Medicare Advantage plans are a great way to control and lower your Medicare costs. They work in tandem with Original Medicare, so if you have coverage for Part A or B under the original plan then this will cover some of the cost not covered by MA.
These types of health care services often require copays which can really add up when taken together with all other treatments received throughout their lifetime – but most HMOs set these rates at an affordable level that won’t break anyone’s bank account!
If you’re considering Medicare Advantage, I have to say it can be hard in these days of rising health care costs and uncertainty. But not with all the plans that are available!
All plans must follow federal guidelines for out-of-pocket maximums which means no matter how much healthcare is needed or what your income levels may be, there will never come a time when you spend more money on medical expenses than this year’s limit.
If you’re thinking about getting coverage through Medicare Advantage then take heart – new regulations mean plan participants won’t pay any more outside of their yearly allowance because they’ll always reach the elective amount first before needing to tap into other funding sources like Medicaid or private insurance providers.
You Can Be Healthy and Safe at Home With New Benefits
Medicare is a unique health insurance program that provides coverage for people who are 65 years old or older, some of the most vulnerable members of society.
The Medicare Advantage and Original Medicare programs offer many benefits to help you stay healthy with preventive care such as screenings, tests, immunizations. From time to time they update their recommendations based on research findings so your access will always be available in accordance with new discoveries about wellness and prevention.
Despite the promises of technology to make life easier, healthcare for seniors is still largely a hands-on affair. But Medicare has taken steps in recent years to prevent people from having so much on their plate and authorized new benefits designed specifically with this demographic in mind.
This includes coverage for telehealth services, non-medical transportation options like rideshare or bus passes that can get them where they need to go without risking an accident through driving themselves, and expanded home health care including custodial care if needed as well as other support resources such as caregiver respite plans.
Help With Your Medicare Is Available
Medicare has always been a great choice for people who are in retirement. It might be different than your employer coverage, but it will likely still suit you better because of the unparalleled security and benefits that Medicare offers to those eligible. For guiding assistance on which plan is right for your needs with an unbiased perspective from experts here at PQ Medicare Solutions, contact them today.
If you are considering retirement or already retired, it is important to understand what your options for Medicare coverage are. The 5 best things about Medicare are the following: no monthly premiums, low deductibles, and co-pays, prescription drug coverage with a variety of plan options (including tiered plans), hospitalization insurance that covers up to three days per stay in the hospital after meeting annual deductible requirements, and hospice care benefits if diagnosed with a terminal illness.
These benefits can really help make this time in your life more comfortable as well as save you money on out-of-pocket medical expenses. Get Quote today!