There are some shocking statistics regarding Medicare Beneficiaries. Around 37 percent of people with Medicare Advantage plans earn less than $20,000 a year, according to the Better Medicare Alliance.1. Not surprisingly, Medicare Advantage plans appeal largely because of value and security, out of pocket maximums and many also include drug plans.
Many Medicare Advantage plans have low monthly premiums, with some as low as $0. These plans attempt to offer a level of predictable costs that can be especially important to people living on a fixed budget. Additional savings can also be impacted by a member’s eligibility for Low-Income Subsidies, sometimes called Extra Help.
Original Medicare has changed little in all the years it has been in operation. It covers portions of hospital and doctor services but not all costs. Beneficiaries are responsible for the costs that Medicare does not cover – without a Maximum out of Pocket limit. Ouch! Further, Original Medicare does not cover prescription drugs – which are increasingly important in our care.
Medicare Advantage (MA) plans, offer predictable copays for most services, cover prescription drugs, and are required to include out-of-pocket-maximums for covered services (like the health insurance most people are familiar with from their working years). The out-of-pocket limit offers peace of mind and certainty to people worried about how to afford unexpected medical bills.
In addition to what Original Medicare offers, Medicare Advantage plans often cover services such as prescription drug benefits, routine physical exams, dental care, vision care and even gym memberships.
The financial benefits of Medicare Advantage are critical to the many baby boomers who have not saved enough for retirement. The median amount of retirement savings for a household headed by people approaching retirement is just $12,000, according to the National Institute on Retirement Security.2. That’s not nearly enough to sustain most people through their golden years, but affordable health plans with predictable costs could help.
I can help you identify and compare your Medicare options. People in Altamonte Springs, Casselberry, Lake Mary, Longwood, Maitland, Oviedo, Orlando and all throughout Central Florida can call me to compare your options. I can also help you find and to apply subsidies that might be available. There are several levels of Low Income Subsidies that are available. Just call Paul at 321-663-3017.
References
1. Medicare Advantage Demographic Report-February 2015, Better Medicare Alliance http://bettermedicarealliance.org/policy-research/resource-library/medicare-advantage-demographics-report-february-2015
2. The Retirement Savings Crisis: Is it Worse Than We Think?, National Institute on Retirement Security http://www.nirsonline.org/storage/nirs/documents/Retirement%20Savings%20Crisis/retirementsavingscrisis_fina