An all in one Medicare plan can mean several different things. There are Medicare Advantage plans, or you can combine Medicare Parts A, B, D, and Medigap plans. Then, you still need dental and vision coverage. With a flurry of possibilities, where do you begin?
Medicare All in One Plans
All in One Medicare Advantage Plans
Medicare Advantage plans bundle coverage together to entice beneficiaries. These plans include Part A, Part B, and Part D. Sometimes Advantage plans include dental, vision, and hearing. The biggest pitfall is the out of pocket expenses that make this coverage far from comprehensive. Many Advantage plans only include basic dental, for adequate coverage you’d still need to purchase a stand-alone dental plan.
Advantage plans are offered by private health insurance companies who contract with Medicare. Medicare pays the carrier to take on your risk. There can be both pros and cons with all in one Advantage plan. The negative side is the restriction to a network of health facilities, hospitals, and physicians. You can also expect to need to acquire a referral for services with specialists.
Why Are Agents Pushing Medicare Advantage All in One Policies?
Often, insurance companies will push All in One Medicare Advantage policies to beneficiaries. This can be an attempt at landing a quick commission pay for enrolling new beneficiaries. Although, it’s important to remember Medicare Advantage plans can benefit some beneficiaries; this can include those under 65, ineligible for Medigap, or those on the Medicare Savings Program. Check out our quick guide on the pros and cons of Medicare Advantage plans.
All in One Medicare Supplement Plans
While Medicare Supplement plans are not an all in one plan, you can use it to supplement your other Medicare benefits to give you real comprehensive coverage, unlike Medicare Advantage plans. When deciphering which plans are best for you, pay attention to the benefits of all options. Medigap can help cover a beneficiary’s copayments, deductibles, and coinsurance. The below parts and plans combined will give you the most coverage.
- Medicare Part A (hospital coverage)
- Part B (medical coverage)
- Part D (prescription coverage)
- Medigap Plans (supplement coverage)
- Dental and Vision
Typically, Medigap plans will not cover dental, vision, or long-term care. They also exclude home health care because Original Medicare doesn’t cover home health care. If Medicare covers the service, the Medigap plan covers the service.
Ancillary Products to Add to Your Custom All in One Medicare Supplement Plan
Stand-alone dental coverage allows beneficiaries to customize coverage. For example, a higher premium policy will have lower copayments and deductibles. However, a lower premium policy will have higher out of pocket expenses.
So, if you know you need a lot of dental work, a higher premium policy will benefit your wallet more than a low-cost policy. Although, if routine care is your main goal, a low-cost policy would be sufficient.
Vision coverage can either be purchased as a stand-alone policy, or some beneficiaries find Groupon rates for low-cost vision options as life requires. Many vision facilities offer affordable rates for an eye exam and one or two pairs of glasses.
Sometimes paying out of pocket on vision care is most cost-effective. Also, Medicare does cover cataracts surgery when medically necessary; if Medicare covers, Medigap covers. Then, one pair of glasses or contacts will have coverage after cataracts surgery.
How to Decide on an All In One Medicare Plan
A $0 premium Advantage plan can seem appealing, but the trouble with this comes with those sneaky medical expenses. You’ll find the out of pocket costs can still be unmanageable.
You could choose to go with Part A, B, D, and Medigap. If you like this option, you’ll have a monthly premium around $34 for your Part D premium; then, depending on the Medigap plan you select, this can run anywhere from between $50-$250 per month.
Consider these things when choosing coverage:
There are many factors to consider when making a choice.
- Quality of care you’ll receive
- Coverage when you travel
- Prescription drug coverage
- The limits of your health coverage