For most, Medicare will continue to be the method by which they access medical benefits. But about a third of Medicare recipients are opting for a Medicare Advantage Plan. This combines the benefits from the federal government and the flexibility provided by private insurance companies. This includes Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs) and Private Fee-For-Service (PFFS).
Signing up for a Medicare Advantage Plan doesn’t void your availability to traditional Medicare. This means Part A and B payments still apply in order to access those services, but there are some advantages to broadening your coverage. For example, there are protections on expenses out of pocket, placing a cap on how much you pay through copays under a Medicare Advantage Plan.
Those under Medicare coverage can join a Medicare Advantage Plan if they’re already signed up for Parts A and B, live in an area where the Advantage Plan is applicable, and are not suffering from End-Stage Renal Disease (ESRD). ESRD would require the use of a dialysis machine and eventually a kidney transplant. Those suffering from this condition would have to apply to a Special Needs Plan, which is designed specifically for those suffering from particularly serious conditions like ESRD.
For those who receive medical coverage from their employer and apply for Medicare, they may be automatically enrolled in an Advantage Plan. Most will have the option to retain this type of coverage or switch over to traditional Medicare coverage. However, this may disrupt coverage one has with their employer as it may conflict with the Advantage Plan they were previously under. Before deciding to switch any method of medical coverage, employees should consult their union or employer before committing to any insurance decisions.
Innovacare manages healthcare services across North America. Under the leadership of CEO Rick Shinto, M.D. And the Chief Actuary Officer Penelope Kokkinides, Innovacare has prioritized adaptable care for their clients in need of guidance through the health insurance market. By understanding the intricacies of Medicare Advantage Plans and Provider Networks, Innovacare helps craft models of medical coverage that are economically viable for clients as well as adaptable for emerging technologies and medical needs that evolve over time.
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Innovacare Health seeks to change how healthcare coverage is managed in the increasingly complex market emerging in the United States. By forging lasting relationships with their clients, Innovacare focuses on the sustainability of insurance for the individual by incorporating its subsidiaries that focus on specific facets of the insurance market.
Learn more about InnovaCare Health: https://www.linkedin.com/in/rick-shinto-71986913