Having an all in one Medicare plan can simplify coverage. When you work with an insurance broker, you can meet all your insurance needs in a one-stop-shop.
All in One Medicare Plans
What is an all in one Medicare Plan and what does it include? An all in one plan can mean several different things.
With a flurry of possibilities, where do you begin?
All in One Custom Medicare Plans
Beneficiaries working with brokers can shop for the best all in one Medicare plans in their service area. A broker is an agent with access to multiple insurance carriers, our brokers have access to the top Medigap insurers nationwide.
All in one coverage would need to cover inpatient, outpatient, and medication expenses. Most consider dental and vision coverage necessary.
Also, most people would say that all in one coverage handles a large portion of the costs. Well, when you work with our brokers they can lead you in the direction to have everything you want in coverage.
Medicare All in One Plan can include the following:
- Medicare Part A (hospital coverage)
- Part B (medical coverage)
- Part D (prescription coverage)
- Medigap Plans (supplement coverage)
- Dental and Vision
What’s Medicare All in One Plan
Medicare Advantage plans bundle coverage together to entice beneficiaries. These plans include Part A, Medicare Part B, and Medicare Part D.
Sometimes MA plans include dental, vision, and hearing. The biggest pitfall is the out of pocket expenses make this coverage far from comprehensive.
Also, many MA coverage only includes basic dental, for adequate coverage you’d still need to purchase a stand-alone dental plan.
Why Are Insurance Companies Pushing Medicare All in One Policies
Often, insurance companies will push Medicare 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.
All in One Medicare Supplement 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.
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.
However, Plan F does cover all the gaps in Medicare, leaving beneficiaries with little to no out of pocket healthcare expenses. If Medicare covers the service, the Medigap plan covers the service.
Now, sometimes Plan G is more cost-effective because the annual savings between the two plans is enough to cover the Part B deductible expense of Plan G.
Ancillary Products to Add to Your Custom All in One Medicare 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.
All in One Medicare Advantage Plans
Medicare Advantage Plans are offered by private health insurance companies who contract with Medicare. These plans cover your Part A and Part B health benefits.
There can be both pros and cons with all in one Advantage plans. MA plans can cover Part D and they can offer benefits beyond what Medicare covers. Although, if going to a doctor out of network, costs could be much larger than with Standard Medicare.
There are times when some Advantage Plans may offer additional benefit coverage, such as dental, hearing, and vision coverage. These products can be beneficial as they help cover services such as dental x-rays, cleanings, dental implants, eye exams, hearing aids, and even forms of Lasik surgeries.
The negative side of Medicare Advantage plans 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.
Medicare Advantages Plan Replace Medicare
Medicare Advantage Plans replace your Medicare coverage. You could go with an MA plan when looking for an all in one option.
However, by going this route, you’re only gaining Medicare Part C which isn’t necessary.
To achieve the all in one goal that you have in mind, opt for Medicare, Part D, and a Medigap plan. Then select the level of benefits your needs require for dental and vision care.
All in One Plans Cost
Depending on which plan you choose to go with, you’ll face different costs for your All in One Plan. Unforeseen medical expenses can arise, and as most know, those expenses can get quite pricey.
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.
How Do I Choose the Right Plan
There are many factors to consider when making a choice in Medicare plans.
Consider these things when choosing coverage:
- Quality of care you’ll receive
- Coverage when you travel
- Prescription drug coverage
- The limits of your health coverage
Let our team of brokers help find a plan that works best for you! Give us a call or fill out an online rate form to get the best Medigap rates in your area.