Also called Medicare Part C, Medicare Advantage plans are Medicare-approved private insurance plans that offer an alternative to Original Medicare. These plans combine coverage for hospital stays, physician visits, and other medical services in one comprehensive plan that offers all of the benefits provided by Medicare Parts A and B (except hospice care). Many Medicare Advantage plans also include prescription drug coverage and other benefits like routine vision and dental care. And according to a recent article in Forbes magazine, more seniors are expected to enroll in Medicare Advantage plans rather than Original Medicare than ever before.
The Biden administration recently released figures in December 2021 showing that more than 27 million Americans were enrolled in a Medicare Advantage plan as of October 2021. That equals more than 40 percent of Medicare’s total enrollment of almost 64 million seniors.
Established health insurers that offer Medicare Advantage plans, such as UnitedHealthcare, Humana, Aetna, Cigna, and Anthem, have begun to expand the geographic scope of their plans, offering them in hundreds of new counties in 2023. Many insurers, as well as venture capital firms involved in the healthcare industry, believe that Medicare Advantage will continue taking a greater share of seniors moving away from traditional Medicare.
For example, CVS, owner of Aetna, the nation’s third-largest health insurer, has 3 million seniors enrolled in its Medicare Advantage plans. With more than 10,000 Americans each day turning 65 and becoming eligible for Medicare, the company believes that a substantial portion of those seniors will elect to choose an Advantage plan.
As befits the name, Medicare Advantage plans do, in fact, offer many advantages over Original Medicare. As you can read about here, these plans:
• More benefits and coverage: With an Advantage Plan, you’ll get all the coverage you would with a Part A or Part B Original Plan plus, potentially, coverage for vision care, hearing aids, routine dental care, prescription drug coverage, or even a fitness center membership to help keep you healthy.
• Coordinated coverage: As a true one-stop shop for all your prescription and health cover needs, Advantage plans generally combine both services and prescription drug coverage, which can eliminate any extra work on your part. And, your health care providers—within your network—manage your care and communicate with one another to help provide you with the most cost-effective and locally convenient care.
• Cost savings over time: Medicare Advantage plans include lower cost-sharing, a limit on out-of-pocket expenses, and an overall lower price tag on comparable coverage—since you’ll be covered with both medical care and prescription drug costs.
Contact Every Way Health To Learn More About Medicare Advantage Plans
If you want to learn more about Medicare Advantage plans or need assistance choosing the plan that’s best for you, please get in touch with Every Way Health at 877-460-3943.