If your parents have turned 65 years old, they are eligible for Medicare Advantage insurance. This way, the coverage can meet expenses such as medication and adult day-care services. The insurance plan is essential for baby boomers so that they won’t use money out of the pocket to access healthcare. On that account, here are some pointers that will make you decide if the plan is right for your parents.
The Coverage in Detail
Medicare Advantage is also called Part C, and private insurance companies offer the service. For that reason, the plan covers the following aspects related to your health goals.
- Hospital coverage for hospital visits, nursing facility services, and home healthcare.
- Medical coverage catering for preventive, treatment, and diagnostic services.
- Prescription drug coverage that pays for the cost of drugs.
- Extra health perks, including memberships and fitness.
- Dental, vision, and hearing coverage to cover screening and assistive devices.
Customized Plan Structures
Medicare Advantage is flexible such that you can choose a plan that suits your parent’s needs. For instance, the Special Needs Plan (SNP) is ideal for someone who has a chronic health condition. You can also go for Medical Savings Account or MSA that are highly deductible. Other options include Health Maintenance Organization, Preferred Provider Organization, and Private Fee for Service that provides versatility in payment.
There is some good news since Medicare Advantage Plans 2021 will offer additional benefits just like the previous years. For that reason, you can expect offers on things such as adult day-care services, over the counter medications, and emergency care insurance outside the US. You will also gain from transportation to health centers such as pharmacy or doctor’s office. If your parent suffers from a chronic disease, he or she will get more support and care. An expert will help him or her through dressing, housekeeping, and meals delivered to their homes.
Freedom of Changing Plans
Medicare Advantage is utterly flexible such that you can change to another plan if it doesn’t satisfy you. In that case, you can switch between plans or move to a whole new coverage altogether. The process is automatic, and your parents don’t have to register again. The period that you can change your plans is normally from October 15th to December 7th. Thus, you can rely on insurance to meet your parent’s needs since you can look for the best possibility.
They type of plan that you choose will depend on your location or the state that you reside. Thus, some areas will not have the plan that you had in mind making it quite a hassle. The most common ones are Preferred Provider Organization (PPO) and Health Maintenance Organization (HMO). For that reason, you need to assess one that goes on par with your parent’s goals.
Some states will cover medical costs if your parent travels outside the US. On the flip side, others will only meet your health expenses in your service area. It’s no secret that most Medicare Advantage plans don’t cater to out-of-state services. Therefore, if your parent goes to other countries, he or she will pay for the medical costs out of the pocket.
Now that you are aware of the upper sides and drawbacks, you can make an ideal decision. As you can see, many gains come with Medicare Advantage.