The Medicare Advantage (MA) program allows Medicare beneficiaries to voluntarily elect to take their Medicare entitlement in the form of a fixed monthly payment to an authorized private insurance plan. Insurance firms compete for customers by providing additional benefits that are not covered by the traditional Medicare program, such as vision and dental coverage. If their plans are less expensive than the area average for Medicare’s fee-for-service program, then the insurer must pass along most of the extra savings as an incentive for beneficiary enrollment. Currently, about one in four seniors are enrolled in an MA plan.
Obama Care drastically reduces payments to MA plans; the cuts will total $150 billion over 10 years. This will force insurers to scale back the extra benefits they are able to provide seniors, or to withdraw their plans entirely from some markets. In some rural areas, these cuts may force all existing MA plans to pull out, leaving the beneficiaries with no options outside of the traditional program. In cutting Medicare Advantage’s spending, Obama Care ironically enough turns its guns on millions of low-income Americans – the people it’s supposedly committed to helping. DIG will help consumers navigate with finding cost-saving plans, without losing your doctor, hospitals and prescription coverage.
Senior citizens usually need more than basic Medicare, which only covers about 60 percent of their medical expenses on average. Those with the financial means can buy a so-called “Medigap policy” covers as a Medicare Supplement, but those with Lower incomes do not have this option. That’s where Medicare Advantage comes in, giving government financial assistance to help lower-income senior citizens secure additional coverage. This additional coverage can include beneficiaries enjoying reduced co-payments or coinsurance for services that traditional Medicare program covers, but it can also include coverage for services such as full dental care, eye were, hearing aids, gym memberships, transportation and over-the-counter supplies that Medicare does not normally cover.
Are you currently on Medicare?
Are you currently receiving medical assistance or low income?
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Did your doctor stop taking your current HMO insurance plan?
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Are you receiving medical bills in the mail and have low income?
If you have questions about Medicare, do not hesitate to contact us.
Let DIG help you navigate the complicated world of Medicare today!