Medicare alternatives
Healthcare has become very expensive and Medicare is like a blessing for people nowadays. Medicare provides coverage for expenses pertaining to in-patient care and out-patient services. Some Medicare plans also cover the cost of prescription drugs, medical home care, and physiotherapy. However, a lot of people look out for Medicare substitutes and alternatives. The reasons behind opting for Medicare substitutes are mentioned below:
• Some people find the coverage provided by a Medicare plan to be insufficient.
• Patients may find the premium for a Medicare plan to be very high.
• A lot of people are not aware of all the benefits provided by Medicare and also are unaware that Medicare provides alternatives with facilities which are not covered under the original Medicare plan.
• Some individuals require cover for prescription drugs which are not covered under their Medicare health plan.
• Some individuals are not satisfied with the co-pay and deductibles offered by Medicare plans.
Mentioned below are some Medicare substitutes.
Medigap option:
Medigap is a supplementary healthcare plan and helps pay for certain features which are not covered under Original Medicare. It can be bought from private health insurance companies and helps one to manage co-pays and deductibles along with the original Medicare policies. Medigap policies are standardized and have a total of 12 plans ranging from A to L which are offered by private insurance companies. If someone is already covered under a Medicare plan, it might not make much sense to switch to a Medigap policy. However, patients can still benefit from a Medigap policy if it is 6 months past the date of enrollment under a Medicare plan and if the plan does not cover all the healthcare expenses of an individual. The premium for these programs depends upon the services for which the particular plan will pay; for instance blood transfusions, clinical visits etc. Individuals can register for a Medigap plan only during the period of 6 months after they sign up for Medicare Part B.
Medigap is a good Medicare substitute since it offers guaranteed renewal to all members. Individuals also have the facility to add or drop these policies any time they wish to. Furthermore, they do not need to evaluate these policies every year. For these reasons, Medigap is a preferred Medicare substitute for a lot of people.
Even though Medigap is regulated by Medicare, it is not considered to be a government plan. The government has formulated a standardized approach for all Medigap policies. The coverage for all Medigap plans is different from Medicare. People can choose a plan depending on the cover each plan offers. Medigap is very beneficial for individuals suffering from diseases that involve huge expenses. Patients have an option of adding or dropping the policies at a later stage. Medigap plans are accepted by all Medicare providers, but it does not cover the costs of prescription drugs.
Medicare Advantage:
Medicare Advantage plan is an alternative which is not included with Original Medicare. In order to sign up for this plan, individuals need to pay a small co-payment to be able to get cover for the costs of doctor’s visits.
Medicare Special Needs Plan (SNP):
People who are suffering from diseases such as HIV, or congestive heart failure, or individuals who have been institutionalized in a medical facility like a nursing home, can benefit from a Medicare special needs plan.
Medicare HMO (Health Maintenance Organization Plan):
In this plan, individuals are only able to visit those doctors, specialists and hospitals which are listed on the plan’s network. Additional coverage including prescription drugs cover, dental and hearing services are offered by HMO at lower deductibles and co-payments.
