People of old age need to be cared for. However, with the rising cost of healthcare, it can be tough to provide the elderly with what they need. As such, the government continues to deliver healthcare programs that they deem are good solutions to the cost of healthcare. For the elderly, that plan is Medicare.
What Is Medicare?
Medicare is a federal health insurance program that’s provided to people who are 65 years and above. It can also be given to younger people who have disabilities, as well as people with End-Stage Renal Disease. As a federal healthcare plan, Medicare is easily accessible to those that need it. However, is it really worth it?
For years, the advantages and disadvantages have been a topic of debate in the health insurance industry. While many believe that it is a good way to alleviate the costs of healthcare for those it is intended to, there are some who would argue that there are better plans out there?
One of the immediate problems with Medicare is that premiums aren’t really cheap. However, the federal government has created new packages.
While Medicare itself has been received well, it’s the new Medicare Advantage plan that’s been the topic in the last couple of years. A lot of people believe that what the federal government believes is advantageous, is actually a poor option instead. So, what’s the score with Medicare?
Settling The Score
MedicareWire.com founder David W. Bynon recently released a new book titled Why Medicare Advantage Plans Are Bad. The book, now available at Amazon, details the top reasons why Medicare Advantage isn’t such a good idea at all. Of course, the book also dives deep into what the plan is about.
For starters, let’s look at what Medicare is about. Medicare itself is separated into three parts. Medicare Part A covers hospital insurance, which includes hospital stays, care in a skilled nursing facility, and hospice care. Medicare Part B on the other hand, covers certain doctor’s services, outpatient care, and medical supplies.
Last but not least, Medicare Part D is prescription drug coverage. As the name suggests, this involves alleviating the cost of prescription drugs such as shots or vaccines, as well as the medicine people buy for their treatment. It’s a complete approach to healthcare.
Medicare Advantage combines all of the coverage in one package. As per Bynon, says that Medicare Advantage is a good plan that makes it easier for people to get fully covered. Moreover, there are certain features and services that are not in the original Medicare that are a part of Medicare Advantage.
While good, Bynon details in his in-depth take on Medicare Advantage in his book that in reality, the bundled plan is somewhat of a double-edged sword.
As per Bynon, “With Original Medicare and a Medigap plan most costs are paid in advance through monthly premiums. This makes healthcare in retirement easier to budget and manage. However, with a Medicare Advantage plan, most costs are paid when you use healthcare services via copayments. This makes budgeting more difficult, particularly for people with chronic health conditions.”
One of the reasons why people are so attracted to Medicare Advantage is because of its low premiums. It truly is more affordable than other plans if you look at it at first glance. However, the underlying problems with Medicare Advantage are worth looking into. In general, the plan is perfect for certain people but it is bad for many others.
It’s best for people to avail themselves of original and simple Medicare plans. While the costs are heavier, people will have a better means to budget their money using the original plan. It makes healthcare easier to manage in the long run but most importantly, it’s easier to understand for everyone.
Those that want to understand the pros and cons of Medicare Advantage need to get Bynon’s latest outing ASAP as it is currently one of the most in-depth looks into the problems that are plaguing Medicare Advantage. If you are looking to get it for yourself or for someone you know, the book is the perfect guide to check if it really is the perfect plan.
At the end of the day, it’s still your choice whether you should avail Medicare Advantage or not. Again, the book does state that it can be good coverage for some people. The good news is that with this book, you can understand whether Medicare Advantage fits your needs or not.
You’d only want the best for your health insurance. Medicare does offer a ton of advantages and pros. However, its plans to branch out are not as ideal as one would think. Hopefully, you get Bynon’s book as it will give you everything you need to fully understand whether Medicare Advantage is for you.