Medicare Advantage Plans are a good choice for many seniors today. They generally offer benefits above the level of standard benefits provided by original medicare and have monthly premiums as low as $0 per month for an HMO, and around $55 per month for a PPO. Medicare Part D - prescription drug coverage is also included therein unless the member has other creditible prescription coverage such as through the VA or another circumstace exists as to why the member does not have such coverage.
However, individuals choosing a Medicare Advantage plan should give consideration to the out-of-pocket maximum $ amounts the Government sets each year. Currently the amount is set at $6,700.00 for in-network services and $10,000.00 for out-of-network services. *Note: For an HMO, there generally is NO coverage provided for out-of-network services.
Hospitalization and treatment for certain critical illnesses are among the primary causes contributing to a Medicare Advantage plan member hitting the out-of-pocket maximums. For a typical hospital stay, the member may expect a copay of approximately $300 per day for the first 6-7 days. Regarding hospitalization, the following critical illnesses often require continuing hospital related costs, cancer, heart attacks, and strokes. According to the CDC, 1 in 2 males, and 1 in 3 females will be diagnosed with cancer during his or her lifetime. Every 34 seconds someone has a heart attack in the US, and every 40 seconds, someone has a stroke.
Individuals that choose the lower cost premium of a Medicare Advantage plan would be well advised to also consider securing low cost coverage for a hospital stay, or for the diagnosis and trearment of one of the critical illnesses stated above.
To learn more about protecting yourself and your retirement savings against the certainties of the costs for medical treatment, contact me at your convenience for a risk assessment.
I may be contacted by phone at 317-652-1717 or by e-mail at antolin.reiber@bankers.com.
AJ Reiber
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