Medicare Advantage Plans: No Change in Coverage

It has been more than three years since the passage of the Medicare Advantage Act of 2020. Since then, not much has changed other than the fact that many companies have implemented new delivery systems and implemented new benefits to their policies.

There is a lot of concern that many seniors will lose coverage as a result of all of these changes, however there are also some benefits that should be considered.  Medicare Advantage plans 2020 offer benefits. The changes in delivery systems have actually been beneficial to seniors who rely on Medicaid for their coverage.

Due to the federal law that made it mandatory for plans to be delivered through multiple channels, providers have had to rethink the delivery systems for many of their programs. Medicaid and Medicare Advantage Plans has been recipients of this type of reform.

It is becoming more apparent that the current system is not keeping pace with the escalating health care costs in the United States. Both Medicare and Medicaid have seen steep spikes in cost over the past few years. Health care spending is expected to continue climbing and when combined with Medicare, it can be quite a burden.

Benefits and coverage are important, however affordability has been an even bigger issue for many seniors. While it is never easy to give up medical coverage, many seniors find it difficult to make ends meet and still pay the mortgage or keep food on the table. For this reason, many are considering taking advantage of the Medicare Advantage plans to save money on their coverage.

It is important to note that coverage and benefits have not changed with these insurance plans. The same deductibles, co-pays, and provider networks are in place. However, there are also changes in the delivery systems.

Medicare Advantage Plans allows seniors to save money by choosing from many different providers. Although each plan has its own provider network, the programs are closely monitored by CMS. This ensures that beneficiaries receive the best possible care and the plans are kept under control.

Employer sponsored policies remain untouched. In the past, if an employer added a Medicare Advantage Plan to their employees benefits package, they were at the mercy of the insurer. Now, all of the major carriers offer both traditional Medicare and Part D plan through their policies.

Plan premiums are similar for all plans. The amount of coverage varies depending on the choice of the plan’s provider network. Individual premiums vary but employer premiums remain stable.

Benefits remain the same as well. In general, a plan offers the same variety of services for both primary and preventative care. As previously mentioned, Medicare Advantage Plans continues to evolve in a positive direction.

Another thing to consider is that employers are offering a new line of benefit packages. These are a direct competitor to Medicare Advantage Plans and have been designed to give employees more choice. Some have gained a foothold in certain states, while others are very low cost and offer only a fraction of the benefits that are provided through traditional Part D plans.

While the plans are changing, seniors still get the same quality of care and benefits. It is important to understand that coverage is not changing, except the delivery of the service. When it comes to purchasing coverage, it is always a good idea to shop around and compare plans.