Medicare Advantage Plans – How to Combine Them to Get the Best Coverage at the Lowest Costs
Medicare Supplement insurance has been available to patients in some form since 1965, when Medicare became a full-fledged program. The original Medicare plan provided coverage for almost all types of medical expenses up to the age of 65, with the option to select a specialized plan for out-of-the-ordinary health care needs. Since then, there have been several additional plan selections from which to choose.
Currently, there are eleven different best Medicare supplement plans 2022, and changing from one to another would result in an extra premium paid to the Medicare member. These plan changes have led to more plans available from more insurers, and enrollments in Medicare Advantage has significantly increased nationwide. By2019, most of the 64 million individuals enrolled in traditional Medicare will be covered exclusively by traditional Medicare, however, nearly one-thirds (34%) of those currently covered by the original medicare will be covered by either Medicare Advantage Plans or Part D pharmaceutical drug coverage. Most seniors who are in their senior year would receive Medicare supplement benefits, which means they are guaranteed issue privileges, regardless of pre-existing medical conditions.
Some factors which deter seniors from enrolling in Medicare Advantage Plans are the thought that they would have to pay more out-of-pocket and the fear that they may have to give up necessary Medicare coverage benefits. Most enrollees have affordable Medigap policies already; the only people having to pay more than the average premium for Medicare Part A and Part B are people who qualify for partial Medigap coverage due to a disability. Even then, the average premium for enrollees in medicare advantage plans is still significantly lower than the cost of getting those two medications through pharmacies without insurance coverage.
When considering switching to a Medicare Supplement insurance company, it is important to compare additional benefits offered with medicare advantage plans as well. One benefit that is not offered with all plans is the extra benefits provided through the Research Supplement. Research Supplement is a bonus usually offered to members who join Medicare Advantage Plans for an extra five years after the date the member became eligible for Medicare.
It contains information on past research conducted by the federal government on topics ranging from diet and nutrition to outdoor activities and exercise to medical conditions. This bonus is mostly offered to senior citizens who are members of Medicare Parts A and B.
To take advantage of these extra benefits, you must enroll in Medicare Parts A and B by the end of your fifth year of service. The date the member reaches the fifth anniversary of receiving a Medicare Advantage plan coverage must be a year after joining the plan. This allows time for the newly joined member to find the bonus payments. If you do not find the bonus payments when you become a member, you should ask your former medigap insurer for assistance. It is rare for former policy holders to forget about their former coverages.