When it comes time for elder adults to switch to Medicare, they will either have the option to choose between Original Medicare and Medicare Advantage, or they will be provided with one or the other through their employer. Over the years, Medicare Advantage has gained significant popularity with both policyholders and employers who offer healthcare benefits to adults over the age of 65. According to the Centers for Medicare & Medicaid Services, of the 65 million people enrolled in Medicare, nearly half have signed up for a Medicare Advantage plan.
When you need a healthcare plan that’s more on the affordable side, Medicare Advantage is a good option. In fact, according to the Kaiser Foundation, half of the large companies that employ adults past the age of 65 choose to offer Medicare Advantage over Original Medicare—42% of them claimed the driving factor for this was cutting costs. In 2017, only 26% of employers offered Medicare Advantage to employees over the age of 65, so these numbers have greatly increased over the past 5 years.
One of the reasons a Medicare Advantage plan can help you to cut overall healthcare costs is because it can be tailored to your needs, so you’re not paying for services or benefits that you’re not using. While Original Medicare often charges premiums for any services you’re enrolled in, Medicare Advantage relies on copays, so you’re only paying for services as you use them.
While there’s an advantage to being able to choose benefits via an à la carte method, that can also become difficult and stressful. Health insurance can be complicated and difficult to understand, meaning the more options a person has, the more likely they are to get confused between these options and end up with a policy that isn’t what they were expecting.
Medicare Advantage plans come pre-bundled. You will typically have the ability to choose between different bundled plans, but ultimately, they come as a full package. This means that your benefits are laid out in a simple way, so you understand exactly what’s covered and what isn’t. In addition, you can save yourself a lot of time and headaches by choosing a Medicare Advantage plan that suits your needs, rather than having to go through a large catalog of individual benefits in order to pick and choose.
Another advantage of Medicare Advantage (forgive the pun) is that some policies will cover additional benefits that are not covered by Original Medicare—dental, hearing, vision, and even wellness benefits such as a gym membership can potentially be covered by some Medicare Advantage plans. These services can be costly without insurance, which is why they’re another reason that Medicare Advantage can be an attractive option to many senior citizens who want better coverage that keeps them healthy.
Contact Aging Benefits Advisory Today!
If you need help navigating the world of senior health insurance, our advisors at Aging Benefits Advisory are here to assist. Take advantage of our free consultation to ensure that you receive the plan for your budget and needs. We specialize in Medicare Advantage, Medicare Supplements, Dental, Vision, and Final Expense insurance for the senior market of Pinellas County, Pasco County, Manatee County, Hillsborough County, Polk County, Sarasota County, Citrus County, and Marion County, Florida. If you would like a free consultation, contact us online or give us a call at 727-266-0355. For more information, follow us on Facebook, Pinterest, and YouTube.