If you’re approaching Medicare eligibility, you might be wondering if it’s an excellent form of insurance (spoiler alert: it is!). At times, it gets a bad rap. People complain about prescription drug prices, or complain about the lack of coverage for long-term care. But believe it or not, Americans are overwhelmingly happy with Medicare – with a recent survey showing nearly 90% of all enrollees are satisfied with their coverage choices. If you’re approaching eligibility, it’s essential to approach Medicare with the right frame of mind. There are a lot of wonderful things in Medicare that you might not have had with whichever previous insurance coverage you had. Here are four of the best reasons, we think, that will be reasons you’ll love Medicare.
Medicare Premiums Are Lower Than Any Private Health Plans
Just about everyone qualifies for premium-free Part A, so you only pay your Part B premium for Medicare coverage. Last year, Part B premium was just $144, while this year, in 2021, it is $148.50. The average monthly private insurance premium for a healthy 25-year-old not under Medicare is $403 which comes out to around $250 a month more. Medicare premiums tend to rise a bit more slowly than private health plans, reason being that Medicare premiums are pegged to inflation rather than general market adjustments which are typically based on the current market price of care. Private insurance companies factor in claims, the economy, state and federal regulations, and lawsuits when they calculate your premiums.
The government realizes that Medicare is the only choice for most seniors, so they created programs to make it affordable to those with lower incomes. There are programs, both state and federal, which can help pay for the parts of Medicare that the Medicare beneficiary is responsible to pay. These can be costs such as Part B premiums, along with deductibles, copayments, and coinsurance charged under Medicare, that are charged as amounts the Medicare enrollee are responsible to pay. The programs are typically based on income and assets, and do require a beneficiary apply and stay within the qualification boundaries throughout their participation in the program.
If you’re eligible for Medicare and Medicaid you might be able to enroll in a unique Medicare plan that covers most, if not all, of your health care needs. These are called Medicare Advantage programs, which are provided by private insurance companies. These programs offer extra benefits on top of what Medicare provides. Some of the benefits that a Medicare Advantage plan might offer are set costs and limits to out-of-pocket costs associated with your care, dental vision and hearing benefits, wellness programs, and additional benefits according to plan specifics.
Plenty of Choices
When you’ve got employer coverage, you usually have to go with whatever plan the company offers. That isn’t the case with Medicare. Although plenty of people stick with the original plan, people who pick Medicare Advantage have an average of around 21 different plans to choose from. In other words, you aren’t stuck with someone else’s idea of what is best for you, and instead, you can pick your coverage based on what’s best for you.
New Benefits To Keep You Safe and Healthy at Home
Medicare has plenty of benefits for preventive care, whether you pick original Medicare or Medicare Advantage. The program normally reviews recommendations for preventive care and wellness. It adjusts coverage accordingly, so you will always have access to the screenings, tests, and immunizations you need to stay healthy. There are also a whole new slate of benefits aimed to keep people healthy at home. These include expanded coverage for tele-health services, in-home meal delivery, and non-medical transportation, just to name a few.
Independent Healthcare Insurance Brokers You Can Trust
Healthcare American is an independent insurance broker that you can trust with all of your personalized retirement planning needs. We provide customers with healthcare, life insurance, and retirement plans tailored to their personal needs and individualized situations! We will provide the correct Medicare coverage for your individualized needs. In addition, we tailor blueprint a retirement plan that fits your needs for all your years in retirement. We provide these professional services to those living in the Baltimore, Washington DC, Virginia, Delaware, and Pennsylvania areas!
For more information and a free online quote, visit our website, send us an email, or give us a call at (443) 537-0555.