What are the Added Benefits in the New Medicare Advantage Plans?
Money Talks News’ recent article entitled “14 Added Benefits in the New Medicare Advantage Plans” says that the following “extra” benefits are offered by individual Medicare Advantage plans for 2022:
- Eye exams and/or eyeglasses: Provided by 98% of plans
- Fitness benefit: 97%
- Telehealth: 95%
- Hearing exams and/or hearing aids: 95%
- Dental benefit: 94%
- Prescription drug coverage: 89%
- Over-the-counter benefits (for items, such as adhesive or elastic bandages): 81%
- Meal benefit (such as a cooking class, nutrition education or meal delivery): 67%
- Transportation benefits: 38%
- Acupuncture: 36%
- In-home support services: 10%
- Bathroom safety devices: 8%
- Telemonitoring services: 3%
- Support for caregivers of Medicare enrollees: 3%
Remember that Original Medicare is the traditional Medicare program offered directly by the federal government.
Medicare Advantage plans are an all-in-one alternative offered by private insurance companies.
Switching to Medicare Advantage is also risky for seniors with Original Medicare, who also pay for a supplemental Medicare policy, also known as a Medigap policy.
If these seniors later decide to switch back to Original Medicare, they won’t necessarily be able to get the same Medigap policy back — or get a new Medigap policy at all.
Also, always keep in mind that Medicare will only pay 100 days of stay in a nursing home. If you don’t have long term care insurance, then the only option other than private paying the nursing home is Medicaid. Medicaid is a needs based program for which you have to qualify, but you can get qualifed with proper planning with a good estate planning attorney.
BOOK A CALL with me, Ted Vicknair, Board Certified Estate Planning and Administration Specialist, Board Certified Tax Law Specialist, and CPA to learn more about estate planning, incapacity planning, and asset protection.
If you liked this article, “What are the Added Benefits in the New Medicare Advantage Plans?” read these additional articles: IRAs and 401(k) when Spouse Dies and Will Social Security Get a Raise in 2022? and Update on Transfer Taxes for 2022 and How to Check the Validity of a Will
Reference: Money Talks News (Nov. 4, 2021) “14 Added Benefits in the New Medicare Advantage Plans”