Although Medicare is very different from private insurance or employer coverage, it will be better in many ways! Premiums are substantially lower, you will have greater flexibility, your healthcare costs are predictable and you will find additional benefits aimed at keeping you healthy.
Medicare Premiums Are Lower Than Private Health Insurance Plans
Nearly all Medicare members qualify for free Part A, hospital services, so long as you or a spouse has worked and paid Medicare taxes for ten years. This leaves you only needing to pay premium for Part B, medical services. In 2020, the standard Part B premium is only $144.60, far less than the average monthly premium for a private insurance plan. Medicare premiums are also far more stable as they are tied to inflation rather than claims, regulations and even lawsuits private insurance companies face.
The good news continues. Monthly premiums for both Medicare Advantage and Part D prescription drug plans are actually decreasing. Most members will pay less in 2020 than they did in 2019 for their coverage. We rarely see this on the private insurance side.
You Have Greater Flexibility
The majority of people obtain their healthcare coverage through their employer. With employer sponsored health plans, you are limited to only the products offered by your employer. That is absolutely not the case with Medicare. Whether you choose from Original Medicare, a Medicare Supplement, a Medicare Advantage plan, or a Part D plan, you will have many options available to you. If you find yourself overwhelmed with the countless options or would simply like them explained in more detail, our team at Burchfield Insurance is always available for help. The myriad of options available will allow you to choose coverage that fits your unique individual needs. Even better, you are never stuck with your choice if you are unhappy with it. Every year, Medicare has an Annual Election Period where you can make changes to your coverage. As your needs change, so can your Medicare coverage.
Predictable Healthcare Costs
If you desire totally predictable healthcare costs, additional coverage options are available to give you that peace of mind. Original Medicare by itself, can leave you with lots of uncertainty. There are deductibles, copayments and coinsurance responsibilities with no limit on the amount of out-of-pocket costs. For this reason, nearly all Medicare members have additional coverage, whether it be through a Medicare Supplement or a Medicare Advantage product, leaving them with predictable healthcare costs.
Medicare Supplement plans can give you first dollar coverage on nearly all your medical services, meaning you pay almost nothing for your medical care. In 2020 Medicare Supplement Plan F, which left you with no out-of-pocket costs was eliminated. However, Plan G is available and leaves you with only the Part B deductible of $198 in exposure. With Plan G, after you satisfy the $198 deductible, you are covered 100%. Supplements provide peace of mind knowing you will have predictable costs for medical services, should you need them.
Medicare Advantage products can also provide you with predictable healthcare costs. With Medicare Advantage plans, you pay a set copayment each time you receive medical services. These amounts vary depending on the type of service you receive. Each plan also includes a Max Out-Of-Pocket, sometimes referred to as the MOOP. Copayments for medical services accumulate towards this MOOP, and once you have met the MOOP you are covered 100%. This means you will never pay more than your plan maximum each year, no matter how much healthcare you need.
New Benefits To Keep You Healthy
Medicare has a lot of benefits for preventive care, regardless of the delivery system you choose. Medicare is constantly reviewing preventive care and wellness, adjusting coverage accordingly. You will always have access to the screenings, tests and immunizations you need to stay healthy. Furthermore, Medicare Advantage products have a host of additional benefits aimed at keeping seniors safe and healthy. Benefits include telehealth services, transportation services, in-home meal delivery, free gym memberships, dental services, vision services and more!
Need Help With Medicare?
Don’t believe the naysayers who complain about Medicare. Although it will be very different than private insurance or employer coverage, it will be better in many ways! If you need help choosing a Medicare plan to fit your needs, contact the Medicare experts at Burchfield Insurance today.
