AFFORDABLE MEDICARE PLANSNovember 14, 2019
As a Medicare recipient, you may also wonder what all are the affordable plans that are available in your location. However, operating many plans and at the same time keeping track of available plans can be a bit time-consuming task.
We will help you to make your task easier. Read every point thoroughly before starting your hunt for a cheap plan:
ARE YOU ALSO SEARCHING FOR A FEASIBLE PLAN?
While Part A of Medicare is free to many of the recipients, Part B of Medicare has a premium.
The premium of Medicare Part B becomes more for the higher-income recipients in some rare situations.
While Medicare Part A offers hospital benefits along with all the services throughout your hospital stay, Part B offers outpatient benefits including ER visits, physical therapy, outpatient surgeries, diagnostic imaging as well as labs and doctor’s office visits. The remaining 20% is the accountability of the recipient to pay off the out-of-pocket.
Also, this 20% can effortlessly add up or cost beneficiaries a lot in out-of-pocket costs.
Other than Part A & Part B of Medicare, there are two more options for feasible plan which you can add to your Original Medicare:
- Advantage Part C – Plans under Part C can be PPOs or HMOs & also provide extra benefits such as coverage for dental or vision and prescription.
- Prescription Part D
KNOW ABOUT MEDICARE PREMIUMS
Most of the people assume that Medicare is just free. However, it is not completely true as beneficiaries have to pay premium every month for their respective coverage. But, Part A is free for many people.
Every recipient has to spend a standard premium for their Part B. But, you will have to pay a little extra if your total income exceeds a certain amount.
When you sign up in a Part C plan, still you will have to pay the premium for Part B. In fact, you will also have to pay an extra premium to your insurance provider based on your selected plan.
Premiums of Part D differ based on your insurance provider as well as the benefits of your plan. But you will have to pay an extra premium if your total income exceeds a certain level.
AFFORDABLE MEDICARE SUPPLEMENT PLANS
Medigap or Supplement plans basically function with Medicare benefits. While Medicare covers 80%, Supplement plans offer some of the secondary benefits for many other health care costs.
Various pricing methods in the Medicare Supplement Plan:
- Issue-Age– in this the premium is acquired from the age in which you purchase your Medigap Plan
- Attained-Age– In this, the premium is acquired from the age in which you purchase the plan but it will gradually increase with your age
- Community-Rating– In this, the premium is the same. Because of your location and your age is not considered.
TOP AFFORDABLE MEDICARE PLANS
This benefits of this plan include coverage for the Medicare Part A deductible and also the 20% copayments & coinsurance.
It will also provide coverage for your additional medical emergencies & charges when you travel abroad. However, it does not provide coverage for your deductible of Part B.
This plan is one of the four “cost-sharing” plans. Plan N is also a well-known affordable Medigap Plans. But it does not provide many benefits. Plan N basically provides coverage for the deductible of Part A as well as some medical emergencies when you travel to a foreign country and also the 20% that is not covered by Medicare.
Plan C is known as the second most affordable supplement plans after Plan G and Plan N.
While Plan C does not offer coverage extra charges, it does offer coverage for your Part B deductible.
Now, it is you call!!
Pick up an Affordable Medicare Plan for yourself or switch from your existing plan, if you wish.