With old age come various chronic illnesses for our elderly loved ones. According to the AARP essay, 85% of 65 years senior American Adults suffer from one chronic illness or the other. Unfortunately, these chronic health conditions consume a lot of money. This necessitates the establishment of Medicare by the government.
Medicare is a federal healthcare program developed in 1965 to cover some healthcare costs and provide numerous care at hospitals, doctor’s offices, hospice, and nursing homes. Aside from the elderly other people under the age of 65 who are disabled or suffering from the end-stage renal disease can also benefit from Medicare.
To select the best medicare plan for your loved ones, you need first to understand the various types of Medicare plans to choose from. Medicare plans include:
1. Original Medicare
This Medicare plan can be divided into Part A and B, with each part having different coverage. While Part A covers hospital insurance, Part B covers medical insurance. Original Medicare is often deductibles and coinsurance to pay. It covers hospital stays, nursing facilities, hospice care, and home health care.
2. Medicare Advantage
It is run by private insurance company. It is also known as Part C. This plan offers benefits of Part A and Part B and additional coverage like vision, dental, hearing, and drug prescription. Medicare advantage “annual out-of-pocket maximum” cost-effective to use.
3. Medicare Part D Prescription Drug Coverage
This is offered with Medical advantage, or Part C medicare called the Medical Advantage Prescription Drug Plan (MAPD). Medicare also provides its approved private insurance company.
4. Medicare Supplement plans
It is also known as Medigap. It covers deductibles, coinsurance, copayments, and other costs that Original Medicare doesn’t. But Medicare Supplement plan doesn’t cover drug prescription drugs. You will need to purchase a separate Part D plan to access it.
Now, which Medicare plan is best for your loved ones?
Various factors can determine the choice of the most suitable Medicare plan for your loved one. These are:
1. The type of coverage
Various Medicare plans offer different coverage, so the best plan for your loved ones will be the one that adequately covers your health care needs. The advantage medicare plan offers more coverage than the original medicare plan. So if your loved ones need more coverage than the original medicare plan offer, consider other medicare plans with additional coverage.
You need to consider your loved one’s prescriptions to know the plan that is well suited for them. Take time to compile a list of your loved one’s prescriptions over the last year and compare the list with pending prescription plans.
3. Primary Care Physician (PCP)
Your loved one’s PCP is an essential part of the process because the PCP handles much of your loved one’s care and referrals when they get sick. If the original Medicare does not cover their PCP, then the advantage medicare plan will be perfect.
As much as care for your loved one is essential, you also need to consider the medicare plan you and your loved ones can afford. Advantage plans often cost more on average every month. Still, Original Medicare and prescription plans combined can cost a few hundred dollars per month before copayments or deductible payments. Advantage plans also end up having lower out-of-pocket costs because you are paying more upfront.
Now that you have thoroughly understood medicare basis and factors to consider before selecting a medicare package choosing the best medicare package for your loved ones shouldn’t be a problem anymore.