Over 60 million people who are Medicare eligible are Medicare beneficiaries. Of that, a little over 24 million are currently on some sort of Advantage Plan, with that number expecting to rise even more in the coming year.
With so many people signing up for Medicare benefits, it could be a good idea for you to look into the plan you currently have, to make sure it’s still the best option for you.
Of those who don’t take an Advantage plan, they typically turn to a Medigap policy to help offset the Original Medicare expenses. Where as Advantage policies often provide extra services, Medigap plans cover the parts that Original Medicare doesn’t. It’s important to remember that Medigap policies have nothing to do with your Fall Open Enrollment.
In choosing whichever plan or policy you decide upon, make sure to look beyond the premiums, and consider your out-of-pocket expenses. While it’s true that insurer’s are federally regulated, the specifics of their options vary from plan to plan, year to year, even county to county. These yearly changes could have an impact on your premiums, deductibles and other costs like co-pays, and services such as dental and vision.
When ehealth asked 1,000 Medicare beneficiaries what their top healthcare concerns were, 42% said it was the cost of Medicare premiums. While a little over 50% cited co-pays and deductibles as their top concern. What this means is that regardless of the plan you choose, it’s important to not lose sight of monthly premiums and other expenses relating to your overall healthcare.
Regardless of the plan you choose remember these few things:
- Part B requires monthly premiums in 2020 are $144.60
- Consider your out-of-pocket expenses that aren’t covered by your plan
While there are costs associated with every which way you look, not enrolling in Medicare when you become eligible will also cost you in the end. There are hefty surcharges associated with late enrollment that can be levied on you for each year you aren’t covered.
As either an original Medicare beneficiary or one with a Medicare Advantage plan or another supplemental plan, you’re still on the hook for some costs associated with these plans. However, if you choose not to enroll those costs could go up astronomically.
The number of Seniors who have declared bankruptcy due to a sudden change in their health and lack of proper coverage has doubled since 1999.
According to registerednursing.org, by the time you reach 65 years old, average healthcare costs are $11.3K per person, per year in the United States. And over the span of a lifetime, the average cost of healthcare for an individual would have cost around $400,000.
As you age, it’s easy to assume your kids will be there to care for you and your needs. But in reality as you age the cost of your care goes up, and there might not be enough your family can do if you’re not properly covered. And what’s even more remarkable, is that healthcare costs are, on average, more for women than men. And because women tend to live two times longer than men do, they’ll need to budget even more into their monthly savings for their healthcare.
Do not assume your health won’t change.
As you get older your body reacts differently to various conditions. Of course we can see age in the way we look on the outside, from our hair turning colors, or our skin forming a few more age-lines around the eyes. But, in truth, it’s what’s happening inside us as we age that is a greater concern, when it comes to your health. Of course age spots can be signs of serious issues, and there are many other tell-tale signs and conditions to be on the lookout for, but it’s what’s happening inside us, as we age where we need the most protection. That’s why being prepared for the unexpected is such a concern when you turn a certain age.
65 is a unique time of life for many older adults. It allows you to tap into the wealth of government health programs, namely Medicare, to help you achieve the healthcare goals you might have put off otherwise.
Aging can affect you in more ways than you imagine. The most common ways your health changes are through the cardiovascular system. Your blood vessels and arteries could stiffen, causing your heart to work harder to pump blood through them, something you may not have experienced at a younger age. So just in ageing, your blood pressure has to work better than it did when you were younger.
Another way you may see yourself getting older is through your joint and bones. As you age, bones tend to shrink in size and density, weakening them and making them more susceptible to fracture. You might even become a bit shorter. Muscles generally lose strength, endurance and flexibility — factors that can affect your coordination, stability and balance.
Even your digestive system and bladder age. This causes even more problems you might not have experienced when younger.
All of the above issues come with ageing, but there are many more. That’s why even if you have somehow lived your life on the good side of health until now, you’re really only playing with time until something happens. That’s why it’s so important to enroll in Medicare when you become eligible. And to even consider an Advantage plan that can help you with the things like gym memberships to help strengthen your heart muscle and your bones.
What’s most important when it comes to selecting a heath plan right for you, is to consider how you feel now might not be how you feel down the road. And the care you currently have might need to change due to circumstances beyond your control. So choosing a Medicare plan that provides benefits you need to meet your healthcare goals could be the only real thing you have any control over.