For those eligible, Medicare can save you a lot of money on medical treatments and service costs. Original Medicare, which the federal government offers, helps seniors cover the costs of a variety of crucial services that they may need to live healthy lives.
However, as it is a government program, Original Medicare has limitations on what it will cover. For example, Original Medicare doesn’t provide vision, dental, or hearing care coverage. If you need coverage for those services, you must pay out-of-pocket.
That is, you’ll need to pay out-of-pocket unless you enroll in a Medicare Advantage plan.
Comprehensive Medicare Advantage plans to save millions of Americans money every day by providing coverage for a wide array of medical services. Are you wondering how Medicare Advantage plans can save you money on medical costs? Our friends at MedicareInsurance.com have the answer for you!
What is Medicare Advantage?
Most American seniors are aware of the government-offered Original Medicare plan. When you think of Medicare, this is likely the plan that you’re thinking of. Original Medicare, made up of Medicare Part A (hospital insurance) and Medicare Part B (medical insurance), is designed to offer plenty of coverage for senior health and medical needs. It doesn’t cover everything, though.
That’s where Medicare Part C, or Medicare Advantage, comes in. Medicare Advantage plans offer the same benefits that Original Medicare offers. Medicare Advantage plans differ in that they often offer more coverage than what is provided by Medicare Parts A and B.
Private Health Insurance Companies offer Medicare Advantage
While the federal government regulates Medicare Advantage plans, they do not offer them. Medicare Advantage plans are offered by private health insurance companies that are authorized to do so by the federal government. This is why they offer the same coverage as government-offered Original Medicare but can also offer different benefits.
Several popular private health insurance companies are carriers of Medicare Advantage plans. Some familiar companies that may offer these Medicare plans in your area include:
- Humana
- United Healthcare
- Anthem BC/BS
- Aetna
Knowing who may offer Medicare Advantage plans in your area can help you better narrow your search for providers. To help you search and compare Medicare Advantage plans near you, many companies, including MedicareInsurance.com, offer free plan finders that allow you to discover plans by zip code.
Okay, so you may be thinking, “This is all well and good, but I still want to know how Medicare Advantage plans can save you money on medical costs.” Keep reading because we’re about to deliver the answer!
Here’s How Medicare Advantage Plans Can Save You Money on Medical Costs
Because private insurance companies offer Medicare Advantage plans, they’re usually packed with benefits you won’t find with Original Medicare. One of the most basic differences is vision, dental, and hearing care coverage. Unlike with Original Medicare, you can save money on the following with a Medicare Advantage plan:
- Eyeglasses
- Contact lenses
- Eye exams
- Dentures
- Teeth cleanings
- Dental exams
- Hearing aids
- Hearing exams
If you’re wondering how Medicare Advantage plans can save you money on medical costs in other ways, we have an answer you might like! It’s known that many American seniors can get Medicare Part A for zero cost. However, Medicare Part B requires you to pay a monthly premium of at least $164.90 in 2023 to keep your plan. Some Medicare Advantage enrollees who also hold Part B plans may be eligible for a “Give Back” benefit to help them recover most or all of what they pay for a Part B premium.
Speaking of premiums, did you know that some Medicare Advantage plans allow you to enroll at zero cost as well? That’s right – some Medicare Advantage plans offered by certain insurance companies are available to you for no premium cost. Others usually feature relatively low premiums, depending on the kind of coverage you choose.
Some other ways that Medicare Advantage plans can save you money on medical costs include:
- Providing up to $5,100 in assistance with paying for prescription medications
- A flex debit card that can help cover the cost of over-the-counter medications and medical supplies
- Offering Special Needs Plans that are designed to cover medical costs associated with certain illnesses and conditions
It must be said, though, that the availability of certain extra benefits with Medicare Advantage plans can be limited. The availability of some extra benefits may depend on certain factors, such as:
- Where do you currently live
- Your income
- The health insurance company offering your plan
- Whether or not you have certain chronic illnesses
Don’t Sleep on the Benefits of a Medicare Advantage Plan
Now that you know how Medicare Advantage plans can save you money on medical costs use this article as a guide to help you research and compare Medicare plans in your area. Our friends at MedicareInsurance.com can significantly help when comparing Medicare Advantage plans! Give their knowledgeable licensed insurance agents a call today at (800) 950-0608 to start learning more about Medicare Advantage in your area.
So the significance of having a proper Medicare plan is immense as it will prove to be beneficial during your medical emergency. Hence, you must decide to go for it as soon as possible for all the right reasons.
