Seniors who are 65 years or older are automatically included in Medicare insurance in most cases. The Medicare social security program provides senior citizens with basic health insurance; However, Medicare leaves many gaps in what it actually covers and pays. To address additional medical services, such as prescription drugs or home-based medical services, Medicare supplement plans can be added to cover the costs that are not met by a primary Medicare plan. Another way seniors can take and what private insurance companies love is through buying a Medicare Advantage plan which turns out to be a bad idea in more and more cases.
Medicare Advantage Plans are health plan options offered by private companies and are approved by Medicare. They cover all the benefits of Medicare Part A and Part B. They sound like a no brainer when it comes to securing an entire safety net for medical care; However, they have several disadvantages that may not be highlighted on the surface.
Unlike 2019 Medicare Supplement plans, which can be chosen to cover certain areas of need, the original Medicare failed to cover, a Medicare Advantage plan offers the same features that Original Medicare does with additional features as well. The problems with Medicare Advantage plans are that they cover some of the benefits that the original Medicare does in a different way.
An example of how a Medicare Advantage plan could cover an individual might look like this: a lower fee for doctor visits that could offset the lower coverage for qualified care facilities. The general image that a Medicare Advantage plan projects to its target audience is that they are too good to be true because they are.
Private insurance companies are making huge profits selling Advantage plans and insurance agents are pushing these plans onto seniors in the hope of gaining additional profits. Of course, not every insurance broker is dishonest; Every industry has its own bad eggs. However, there are several reports that have found insurance agents who are encouraging their customers to buy Medicare Advantage plans in the hope of earning an extra wage.
The overall shortage of benefits provided by Medicare Advantage does not mean that senior citizens have no opportunity for external support. A Medicare Supplement Plan allows seniors to choose the policy that best suits their needs, such as: Prescription drugs or nursing care, so that money can be saved rather than wasted. Another positive news about Medicare supplement plans is that they can be bought and compared for the best price. For seniors, it is especially important to research and compare policy options to make sure that every cent spent leads to a wise decision.
If you have a pre-existing state of health, you will have the best opportunity to receive low-premium coverage if you are registered during the open period, for example, if you are 65 years old. During the open enrollment, the Medicare Supplement insurance costs can not be increased because of your medical history. Also, Medicare Advantage Plans or MA plans are known to accept all pre-existing conditions other than End Stage Renal Disease (ESRD).