Medicare Advantage could reduce long term medical bills for some beneficiaries. When someone signs up for Medicare, they can choose either traditional Medicare or a Medicare Advantage plan.
It’s important to weigh up the advantages and disadvantages; would you prefer access to a wider range of providers? Or, to spend less on premiums and more in out of pocket expenses?
Does Medicare Advantage Reduce Medical Bills
It’s hard to get clear data on exactly how much Medicare Advantage plans cost. The information that is out there about payments per enrollee is on the average spending of beneficiaries; this is without adjusting for factors such as health.
For some, Medicare Advantage will help reduce long term medical costs. For others, the costs could be much higher.
There are some organizations which have broken the data down. It appears that there are potential savings for people who opt for Medicare Advantage.
A survey conducted in 2016 found that the difference in spending between someone on traditional Medicare and someone in Medicare Advantage, adjusted for health risks, was $1,253. Medicare advantage can save people a substantial amount of money.
The results were also broken down to consider specific conditions:
– Beneficiaries with diabetes could save $1,072
– Medicare Beneficiaries with asthma could save $1,410
– Beneficiaries with prostate or breast cancer could save $1,517
The Reality of Medicare Advantage Costs
Medicare Advantage could reduce long term medical bills, but is it as good as it looks? There is some evidence to suggest that Medicare Advantage plans are a good choice. Although, the kind of person who switches into them is usually already the cheapest to cover.
Medicare Advantage Payments can be substantial. There isn’t enough data available on the amount that people spend on Medicare Advantage.
So, there are millions of people who are basing their planning on incomplete data. If the data is overestimating the spends, then this could adversely affect those people in the coming years.
Medicare Advantage payment rates should hit $250 billion in 2019.
Medicare for All
Democrats would love to see an increase in affordable coverage. The Affordable Care Act proposals include Medicaid, Medicare, and Medicare for All.
A bigger Medicare for All option is something that many hope for in the coming years; but for now, Medicaid buy-ins appear to be the way forward.
Medicare Advantage is another step along the road to helping as many people as possible.
Will Medicare Advantage Reduce Long Term Medical Bills
It’s hard to say if it’s worth switching to Medicare Advantage; especially because there are many different plans and many different circumstances. For some, Medicare Advantage could reduce long term medical bills.
Medicare itself consists of four parts; three parts (A, B and D), can provide basic coverage for Americans 65 and over. Part C is Medicare Advantage that can provide protection against higher cost accidents or illnesses.
Part C is not the only option, however. Medigap covers additional expenses to those who have only the more basic parts of Medicare.
Medigap is identifiable by letters; plan F gives people entirely ‘free at delivery’ health care, although Plan F is going away in 2020.
Wading through this alphabet soup can be confusing, and it’s easy to understand why many people end up overpaying. In some tragic cases, people don’t even look at coverage because they’re paralyzed by the choices available to them.
If you’re content with restrictions and guidelines, then you reduce long term medical bills with Medicare Advantage. If you need to see a specific specialist you may want to consider more comprehensive coverage.
Travel and Medicare Advantage
Another area where people spend more out of pocket is with travel. Although, Medicare Advantage often restricts you to a specific region.
This means that if you like to travel a lot, you may not be covered. There are Medigap plans that include people who travel all over the USA, and even if you leave the country. This is not, usually, the case for Medicare Advantage.
The official website for Medicare will give you the option to compare plans, but even with that tool, it can be complex and confusing to work out what strategy will suit you best. The best way to discover coverage is with the help of a broker.
Get Help to Reduce Your Medicare Long Term Medical Bills
It’s important to have some coverage; don’t delay just because of worry that you might make the wrong decision. Getting treatment without protection is very expensive.
Start planning now for the enrollment period where you’ll become eligible. Enjoy the peace of mind that comes with having a policy that protects your savings and health.
Call a broker today at the number above or fill out an online rate form and start saving on your Medicare!