People love extra benefits, there’s no way around it. If you go grocery shopping your eyes are eager to fall upon the perfect offers that give you benefits worth more than the cost. And when it comes to a healthcare plan, the case is no different.
We are inherently attracted to any plan that offers extra benefits at a lower cast. And that’s exactly you could get with the Medicare advantage plans in 2020. Simply put a Medicare advantage plan offers more options at lower costs and the benefits can be tailored to the patient’s needs.
We all know how the year 2020 has turned out. This year has made us focus on a plan that is unique and superlative. Medicare Advantage plans can give chronically ill patients a broader range of supplemental benefits. The said benefits are more than just health benefits. According to Centers for Medicare and Medicaid Services, they have a “reasonable expectation” of improving or maintaining the health of the beneficiary,
Let’s look at the Medicare Advantage plan in detail
What is Medicare Advantage?
Medicare Advantage plans are provided by private insurance companies instead of the federal government. Hence it’s an alternate way to get your medical and hospital benefits from a private health insurance company contracted with Medicare. One of the most attractive Medicare Advantage Plans benefits is that they’re allowed to offer you additional benefits from Medicare. They can also set their price structure.
How do they work?
As mentioned already, they’re considered to an alternative to Medicare and cover all the expenses incurred under Medicare. There are some Medicare Advantage plans offered that cover additional costs not paid for by Medicare including vision, dental, and hearing expenses. Medicare pays the premiums for participants in Medicare Advantage plans. Medicare Advantage plans don’t work with Medigap or Medicare Supplemental Insurance.
The average premium for Medicare Advantage plans in 2020 was expected to be around $23.00. Private companies receive a fixed amount each month for Medicare Advantage plan care. In turn, these companies can charge out-of-pocket costs to policy-holders and can establish their own rules for service such as the need for referrals or provider networks for both non-urgent care and emergency services.
What qualifies as extra benefits from Medicare in 2020?
According to CMS, Medicare Advantage extra benefits qualify if they diagnose or compensate for physical impairments. The extra benefits also qualify if they diminish the impact of injuries and health conditions and lessen avoidable emergency room visits.
The Medicare Advantage premiums are at their lowest in 6 years and as per CMS, the premiums in 2020 are expected to decline 23 percent from 2018. That’s encouraging news, especially at a time like this.