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 Plan
All-in-one coverage would need to cover inpatient, outpatient, and medication expenses. Most consider dental and vision coverage necessary. Most people consider a Medicare Advantage plan all on one coverage. Others who are looking to spend less on out-of-pocket cost-sharing prefer to build their own all-in-one Medicare plan.
What is the All-in-One Medicare Advantage Plan?
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 that contract with Medicare. Medicare pays the carrier to take on your risk. There can be both pros and cons with all-in-one Advantage plans. 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 them 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.
Consider these things when choosing coverage:
There are many factors to consider when making a choice.
- Costs
- Quality of care you’ll receive
- Coverage when you travel
- Prescription drug coverage
- The limits of your health coverage
The Cost of All-in-One Medicare Plans
You may already know, but Medicare costs vary from person to person. Further, the cost of Medicare Advantage and Medigap plans vary from state to state. In many states, Medicare Advantage can cost as little as $0 a month. But, you still pay your Part B premium in most cases. Now, Medicare Advantage can cost up to $200+ each month. Then, even the best Medicare Supplement plans can cost $90- $300 a month depending on many different factors. The best way to determine your policy costs is to consult an agent about your specific situation and needs.
FAQs
How to Enroll in an All-in-One Medicare Plan
Whether you want to enroll in a Medicare Advantage or build your own customer all-in-one Medicare plan, we can help. Let our team of agents find a plan that works best for you! Give us a call or fill out an online rate form to see the best Medicare options available to you in your area.
My Father has Medicare Part A and Part B, But He went to the Eye Specialist for treatments, Still had to pay out of pocket $150, he doesnt want to have to keep paying $150 for every visit,
Is there a plan he can add for Vision , that will cover his Visit to the Eye Dr, Fully ?
Hi Fredd! Does your father have a supplement plan? Either Medigap or Medicare Advantage? Or does he only have Part A & Part B?
only part A and part B
In that case, you would need to enroll in a stand-alone vision plan since Part A & Part B do not include vision benefits. The only time vision would be covered under Original Medicare is if services were performed at the emergency room or by your primary care physician at an outpatient facitly.
I’m 52yrs old. Am I eligible for Medicare
Hi Jerry! If you’ve been on disability for at least 24 months, yes. Otherwise, you have to be 65 years old to be eligible for Medicare. If you’re considered low-income, you could be eligible for Medicaid. I would contact your local SHIP office to find out what options are available to you in your state.