As recently as today, many of the top national business magazines are predicting that Medicare Advantage Plans will outpace traditional fee-for-service plans in the future. Though traditional fee-for-service plans have become more efficient and increasingly popular with patients, some of these predictions are admittedly speculative, and it would be wrong to assume that all predictions are true.
One thing that is absolutely true, however, is that the dominant private plans, such as Medicare Advantage Plans, have grown faster than Medicare Part A and Part B, a program that provides health insurance for disabled and aged people. When the United States was in the midst of the Great Depression, there were many people who did not have any type of coverage at all, and this was due to a variety of different factors including the inability to pay a bill.
Today, the private plans provide coverage for many people who were simply not covered before. But, for people who may be unemployed or underemployed, the plans can still be very valuable.
The coverage that the plans provide is less than traditional coverage, but they are usually more comprehensive. They also provide more flexibility in choosing the doctor or clinic of your choice. However, coverage also comes with a higher price tag.
In addition to paying a monthly premium, the patient may have to pay a monthly premium that will cover the costs of visiting the doctor, seeing a nurse, purchasing the prescription drugs, and other supplemental medical care. In fact, even outpatient coverage can cost more than traditional fee-for-service plans.
Supplemental coverage is becoming more important as the health care system continues to change. While an older person who is disabled can afford an inpatient stay, a newer generation of people with chronic conditions cannot afford to remain in the hospital for longer than necessary, if ever. The government, through its FlexPartial Programs, is providing Medicare Advantage Plans with additional funding to provide more effective supplemental plans. For example, one plan has recently been added that provides comprehensive coverage to people who cannot afford their premiums.
Whether these supplemental plans will become the norm or not is anyone’s guess. But, what is clear is that the plans have proven to be very beneficial to many seniors, so much so that many elected officials in Washington are doing everything they can to make it possible for more people to be covered.
This is just the beginning of a growing trend, as more people realize the value of having a Medicare Advantage Plans in place. Learn about Medicare Advantage plans for 2021. With more people getting treatment through these plans, other providers will be forced to provide better coverage, increasing the coverage available to all Americans.
The only way that Advantage Plans can become more popular is if the Department of Health and Human Services offers incentives for those who enroll, making it easier for the coverage to attract new members. It is a win-win situation for everyone involved: the individual insured and the private companies that provide the services.
Consumers should be encouraged to switch to a plan that covers more for their needs and offer them help by learning more about their options. If Medicare Advantage Plans in 2020 are the best option for consumers, then what about the next ten years?
The future of high-quality health care is very bright indeed. When the Internal Revenue Service and the Federal Budget Commission release their reports, it will be time to begin looking at options and considering all options available.