Importance of Medicare Health Insurance
Medicare is a health insurance policy that is specifically meant for people who are 65 years or older. If you are turning 65 and aging into Medicare, there are so many things that you need to put in place to ensure that the rest of your days on planet earth are as comfortable as possible, including ensuring that your finances are in order. With the increased likelihood of the onset of chronic health issues that often accompany advancing age, health insurance will protect your financial nest egg from the burden of extensive financial costs for hospital stays, doctor and clinical services as well as prescriptions.
How Medicare Plans Work
Medicare offers 2 main options when it comes to coverage. You can either choose the Original Medicare plan or the Medicare Advantage plan.
Original Medicare – This plan includes Part A and Part B. Part A is Hospital Insurance whilst Part B is Medical Insurance. With this plan, services are paid for when you get them. Each time you get medical services, you are expected to pay a deductible for each hospital stay and at the beginning of every year for other physician and laboratory services. You are also expected to pay coinsurance of 20% for doctor visits, laboratory services and equipment needed. This 80:20 Original Medicare plan does not cover all the costs for the covered health services and supplies, but it pays much of the bill.
Medicare Advantage – If you are on the Original Medicare plan, you also have the choice to enroll in a Medicare Advantage plan. This plan comes with some additional benefits for which Original Medicare has no coverage. These additional benefits may include all or partial coverage of Medicare Part B premiums, prescription medications, vision, dental and hearing.
Why a Medicare Health Insurance Plan is Important
Medical discovery of new treatments is advancing at amazing rates but medical services and supplies are expensive. Not everyone can afford to make out-of-pocket payments each time they require medical care. That is why it is advised to get health insurance. With health insurance such as Medicare, you can relax knowing that should you get sick or get injured, and you need medical attention, a large portion of your medical bill will be paid by your health insurance provider.
In other words, a Medicare plan can act as a safety net in case the unexpected happens. It could also be that you have a chronic illness that requires constant medical attention and prescription drugs. If that is you, then you definitely need health insurance. As mentioned before, medical care services and supplies are extremely expensive. You need a health insurance policy that can assist you to get the health care that you most likely would never be able to afford on your own.
Medicare Advantage Plans
The Medicare Advantage plans offer an alternative way to get Part A and Part B coverage. They are also referred to as “MA Plans” or “Part C Plans”. These plans have been approved by Medicare are offered by private companies that replace Medicare as the primary pay or. The plans are a great option for someone who needs extra benefits like dental, which are not offered by the Original Medicare plan. Many Medicare Advantage plans also include Part D, which is drug coverage.
Medicare Advantage Plans in Florida
According to a 2021 report by the Centers for Medicare and Medicaid Services, the average Medicare Advantage plan monthly premium in Florida, in 2021 is $8.28. And, if you are a Florida resident and you have the Original Medicare cover, you are eligible to pay for the Medicare Advantage plan. If you make the decision to go for the Medicare Advantage plan, you will have a lot of options in Florida. However, it is important to note that not all the Medicare Advantage plans are available in every county.
Maybe you have been trying to figure out if Medicare health insurance is something that is necessary for you. Well, the importance of healthcare insurance can never be overstated. It is not very wise to take chances with your health. The unexpected can happen at any moment and you might find yourself in a situation whereby you are admitted in hospital for days or weeks. If that were to happen, the hospital bill would be out of this world.
In other words, it is extremely important to have health insurance. And, if you are about to retire, the best health insurance program is Medicare. This is because it is specially offered to people who have reached the retirement age. The enrollment process might seem daunting, but once you get a better understanding of how this health insurance program works, you will find that the process is not that complicated. If you want the best Medicare Advantage plans Florida has several reputable private companies to choose from.