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Medicare Advantage is Dominating 2020

Medicare is considered the primary insurance of Seniors once they turn 65. Taking advantage of the benefits that Original Medicare offers is convenient, considering that Hospital Part A covers hospital visits and Medical Part B covers most doctors and other health care providers’ services – keyword here being *most.*

The matter of the fact is that Original Medicare Part B only covers 80% of medical insurance, which means that Seniors are left with extra out of pocket expenses that they are responsible to pay on their own. Most, if not all Seniors are on a fixed income through Social Security, so how shall they pay for the 20% of medical expenses that Medicare doesn’t cover?

The answer is simple: If Medicare beneficiaries do not wish to be left with copays and bills, their best bet is to enroll in additional health insurance such as a Medicare Part C plan that steps in to cover the excess costs that Medicare leaves behind.

So, what can one do to maximize Medicare coverage while minimizing expenses and stress?

Medicare Advantage (Part C) is additional health insurance that is offered by private insurance companies contracted with Medicare, and these plans have been increasing in popularity amongst Seniors in 2020. According to the New England Journal of Medicine, more than one-third of the Medicare population now opts for Medicare Advantage to cover that missing 20%.

There are a variety of reasons why Medicare Advantage enrollment grew by about 2.1 million beneficiaries, about 9% between 2019 and 2020. First and foremost, Part C fills any gaps that Original Medicare leaves behind since they cover everything that Original Medicare covers, and then some. In fact, Medicare actually pays a fixed amount for your care each month to the company offering your Medicare Advantage plan. To make sure you are not overly bombarded with further costs, these plans also have something called an “out of pocket maximum” – an annual limit on your out of pocket costs.

Furthermore, most Seniors enrolled in Medicare Advantage plans have access to coverage for additional benefits not included in Original Medicare. Many Medicare Advantage plans provide coverage to a diverse amount of services such as routine eye exams, as well as eyeglasses, telehealth services, dental care (including dentures), hearing aids, free gym memberships, and even an emergency response system – all of which are valuable resources to have access to, especially as a Senior.

The best part is, if you enroll in Medicare Advantage, you still have Medicare. It is simply an “all in one” alternative to Original Medicare that includes parts A, B, C, and D. Nearly two-thirds of Medicare Advantage enrollees (60%) pay no premium for their plan, other than the Medicare Part B premium (which is $144.60 in 2020).

There is a reason why enrollments in Medicare Advantage plans have gone up at a steady rate since the early 2000’s – long-term savings and additional healthcare coverage being the strongest points. (If you don’t believe us, check out the Kaiser Foundation for additional data analysis on Medicare Advantage in 2020).

Don’t get stuck paying unnecessary payments for benefits that you should be getting at 0 cost. The agents at The Diversified Companies are your experts on all things Medicare Advantage – we enroll those who qualify in Part C plans all year long, not just in the Annual Enrollment Period!

Find out what additional benefits you may be entitled to by calling 1-844-244-8000 for a free Medicare Benefit Consultation with one of our Medicare Advantage Specialists! You can also sign-up for a call back on our website.

To learn more about what exactly is covered under each part of Original Medicare, visit the Center for Medicare Services website.

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