Capitalize On Supplemental Benefits With Medicare Advantage
Most Medicare Advantage (MA) enrollees use one or more supplemental benefits, with most health plan members using multiple benefits, according to a newly released report from the Elevance Health Public Policy Institute. The analysis concludes that MA enrollees see value in plans with supplemental benefits to address personalized needs. Many enrollees use grocery cards that allow for more spending on nutritious food, particularly for people living in food deserts with limited access to quality food. More than half of MA beneficiaries have annual incomes less than $25,000, and more than one-third identify as racial or ethnic minorities, the report says.
MA enrollment skyrocketed by 337% from 2006 to 2022, leaving the program on a path to insolvency, experts warn. Approximately half of all Medicare beneficiaries are enrolled in MA plans.
Medicare Advantage (MA) plans are private health insurance plans that offer all the benefits of Original Medicare (Part A and Part B), plus additional benefits. These additional benefits, known as supplemental benefits, can vary from plan to plan, but they can include things like:
- Dental coverage
- Vision coverage
- Hearing coverage
- Transportation to and from doctor’s appointments
- Wellness programs
- Over-the-counter drug coverage
- Coverage for alternative medicine
To capitalize on supplemental benefits with Medicare Advantage, you need to choose a plan that offers the benefits that are important to you. You can also purchase a separate Medicare supplement plan to help pay for your out-of-pocket costs, such as deductibles, copays, and coinsurance.
Here are some tips for capitalizing on supplemental benefits with Medicare Advantage:
- Do your research. Compare different plans to see what benefits they offer and how much they cost.
- Consider your needs. What are the most important benefits to you?
- Talk to your doctor. They can help you assess your needs and recommend a plan that is right for you.
- Enroll early. The best plans tend to fill up quickly, so it’s important to enroll early.
Here are some of the benefits of capitalizing on supplemental benefits with Medicare Advantage:
- You can get more comprehensive coverage. MA plans can offer a wider range of benefits than Original Medicare.
- You can save money on out-of-pocket costs. Medicare supplement plans can help you pay for your deductibles, copays, and coinsurance.
- You can get peace of mind. Knowing that you have supplemental coverage can give you peace of mind knowing that you are protected in case of a medical emergency.
If you are considering enrolling in Medicare Advantage, be sure to factor in the supplemental benefits that are offered. These benefits can be a valuable addition to your health insurance coverage.
Here are some additional things to keep in mind about supplemental benefits with Medicare Advantage:
- Not all MA plans offer the same supplemental benefits.
- You may have to pay a premium for supplemental benefits.
- The benefits may be subject to limits.
If you have any questions about supplemental benefits with Medicare Advantage, you should talk to your doctor or a Medicare insurance agent.
For more information check out: https://www.medicare.gov/.