How Do Medicare Advantage Plans Work in Maryland?
Baltimore, Maryland
Until recently, there was only one way to go when it came to Medicare coverage. First you would acquire Medicare coverage. You would then supplement your coverage by purchasing a Medicare Supplement plan.
A stand-alone Medicare plan contains "gaps" in coverage that can lead to significant out-of-pocket costs for several possible medical circumstances. There are a variety of Medicare supplement health plan options that provide
different levels of supplement protection. The various plan types are designated by letters of the alphabet (A-N). Generally, the more comprehensive the coverage, the higher the cost of the supplement plan.
Good to know: Do the math. When shopping for health insurance, most people focus on the monthly premiums, but you also need to take a close look at deductibles. For example, if you have a choice between a lower silver plan premium of $345 a month for a plan with a $5,500 deductible, and a higher gold plan premium at $465 a month with a $1,750 deductible, you may be better off with the second plan if you anticipate needing more than $1,500 in medical care. With the second plan, your total annual cost for the premium and deductible comes to $7,330, a $2,310 savings over the lower premium plan.
In Maryland, Medicare Advantage Plans are an "all in one" alternative to the Original Medicare / Medicare Supplement plan arrangement. These plans are offered by private companies approved by Medicare.
If you join a Medicare Advantage Plan, you still have Medicare. These "all in one" plans include Medicare Part A (Hospital Insurance) and Medicare Part B (Medical Insurance), and usually Medicare prescription drug (Part D).
Medicare Advantage Plans cover all services covered by original Medicare. In addition, Advantage plans are required to offer at least the same level of coverage as the Original Medicare Part A and Part B coverage.
In almost every case, Advantage plans feature several attractive additional benefits that are not covered by original Medicare. Dependent upon which Maryland advantage plan you choose, these benefits may include coverage for vision care,
hearing aids, dental care, prescription drug coverage, transportation to and from medical facilities, and even fitness center membership. The end result is a very comprehensive medical insurance plan.
Improvements for 2020
What's new? Beginning in 2020, Medicare Advantage plans will have the option of covering several items that you would not expect to be covered by any health insurance plan. Such as for example, a person with diabetes could receive transportation to a doctor's appointment, to a diabetes education program, or to a meeting with a nutritionist. Some Medicare Advantage plans
will even pay for cooking classes as part of improving someone's eating habits! For someone with heart disease, a Medicare Advantage plan could provide heart-healthy produce or other foods that promote heart health. For asthma, the plan could cover air cleaners or even pay to shampoo a subscriber's carpet to remove the irritants that often trigger asthma attacks.
2020 will see a host of new, attractive, Medicare Advantage Plan Benefits.
If you enroll in a Medicare Advantage plan, you continue to pay your Medicare Part B premium. The private insurer determines what the Medicare Advantage plan premium will be.
This premium amount will vary from one plan style to another.
Medicare Advantage plans tend to be significantly less expensive than Medicare Supplement coverage. Some Medicare Advantage plans may have premiums as low as $0.
Copay costs may also be less with a Medicare Advantage plan. For, example, if you visit a primary care physician under a Medicare Advantage plan, you may pay a copayment of $10.
However, if you visit a primary care physician under Original Medicare, you may have a coinsurance of 20%, which could be significantly more than $10.
A Medicare Advantage plan will limit your maximum out-of-pocket expense. Once you have spent that maximum, you pay nothing for covered medical services for the remainder of the year.
Good to know: Shop Generic Drugs. If you're looking to reduce your medical bills and reduce out of control medical spending, you can start by shopping generically. Consumers tend to think of generic options as less effective or even as harmful. This is not the case, however, when it comes to generic prescription drugs. Though these alternatives may not be as flashy as the name-brand drugs advertised on commercials, they treat patient illnesses just as effectively for only a fraction of the cost. You can increase your drug savings even more by shopping in preferred pharmacies or online at vendors such as GoodRx. These options allow you access to a wide range of generic and name brand drugs at lower costs. Preferred pharmacies take the extra step of reducing dispensing fees, saving you even more money on your next drug purchase.
For this reason, it's worth seeing if a preferred pharmacy network is included in your healthcare plan. If not, you may want to review your options and see if adding such a plan would benefit you.
Medicare Advantage Rules and Guidelines
Medicare pays a fixed amount for your care each month to the companies offering Medicare Advantage Plans. In turn, these companies must follow rules set by Medicare.
Each Medicare Advantage Plan can charge different Out-of-pocket costs. They can also have different rules for how you get services – for example:
- Whether you need a referral to see a specialist.
- What shared medical costs you are responsible for.
Which Medicare Avantage Plan Carriers Are Available in Maryland?
Following is a list of some of the insurance companies that offer Medicare Advantage plans in Maryland:
- Johns Hopkins HealthCare - Maryland. (Several plan variations)
- Aetna - Maryland. (Several plan variations)
- Kaiser - Maryland. (Several plan variations)
- UnitedHealthcare. (Several plan variations)
- AARP. (Several plan variations)
Good to know: When it comes to dealing with your medical insurance company, forget the touchy-feely commercials and go with your head. Don't buy the advertising hype. The primary function of multi-billion dollar insurance companies is to make more billions for themselves and their investors. This means that when you deal with your insurer, you need to remain objective and check your emotions.
For more information concerning Medicare Advantage, Medicare Supplement or Medicare Prescription Drug Plans, please give us a call.
Other articles:
Medicare Supplement Insurance Rates in Maryland.
Medicare Supplement Vs Medicare Advantage Plans.
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