Medicare Advantage is one of the options people can consider when choosing their healthcare plan. It has experienced rapid growth in enrollment over the past few years, but what is Medicare Advantage and what is driving that growth?
Medicare Advantage, which is also called Medicare Part C, combines Parts A and B into one plan offered by private insurance companies. What makes Medicare Advantage appealing to so many people is the value and simplicity it offers. It provides the convenience of combining all your coverage into one plan so you have just one card to carry in your wallet and one company to work with. It contains Additional benefits and services that Original Medicare doesn’t cover (vision, hearing and dental care, fitness memberships, disease management programs, 24/7 access to other health care professionals (telehealth, house calls, Navigate4Me, etc). Even prescription drug coverage is included in most plans.
Medicare Advantage enrollment has grown more than 40 percent over the last five years and now includes about one-third of all Medicare beneficiaries and there is a reason for this. Medicare Advantage offers peace of mind through greater predictability. Original Medicare generally covers about 80 percent of beneficiaries’ health care costs, leaving them to cover the remaining 20 percent out of pocket with no annual limit. By contrast, Medicare Advantage plans have annual out-of-pocket maximums, so you know that even if something unexpected happens, your costs are capped.
Medicare Enrollment is now open through Dec. 7th. There are a lot of great resources out there to make the process of choosing a Medicare plan easier.
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