Costs attached with health care programs for retirees are touching the sky high, and due to this seniors are forced to opt for quite famous Medicare Advantage plans 2016. Private insurers are offering Medicare Advantage plans under the regulation of the government. These plans provide coverage to their members within a set of allowed healthcare providers, and they have risen to a ratio of thirty percent in Medicare market as compared to seventy percent which makes up Original Medicare.
People ask that should they opt for Medicare Advantage plans as well. Well, my answer to them is that they should spend quite some time in researching these plans because some of the plans look charming, but in actual they contain pitfalls.
Let us talk a bit about retiree health care costs. According to a study the average number of 66-year old couples spends almost sixty percent of their social security income on health care costs. This figure seems to rise for younger persons.
Figures which we have mentioned above tell us that a person will need Original Medicare for their health coverage and that Medicare consists of Medicare Part A (coverage for hospitalization), Part B (coverage for doctor visits etc.), and prescription drug Part D, and some people also choose the Part F which is commonly known as the Medigap.
When we sum up all the costs, then we see that total cost for such conventional health insurance will be $350 per month. Which consists of $105 monthly premium which you will have to pay for the Part B and also $40 per month for prescription drug plan Part D and an additional $200 for Medigap policy.
Medicare Advantage 2019 plans have benefit that they usually, cost sixty percent less than the Original Medicare. You can also get plans with zero premiums. According to survey by the Kaiser Family Foundation, monthly premium for health insurance Advantage Health Maintenance Organization plan is only a small $28 per month.
Moreover, ninety percent of health insurance Advantage plans consist of prescription drug plan (Part D) which can help you cover your medication not only this but also Original Medicare Part A and B are also included. Therefore, you also get a complete package in form of a health insurance Advantage Plan. Such low costs give opportunity to people so that they can also make sure that their health is taken care of.