The Affordable Care Act (ACA) was passed in 2010, and one of the major goals of the legislation was to increase access to health care for Americans. One of the ways that the ACA accomplished this was by way of expanding Medicare coverage to more people. Since then, there have been a number of new added benefits included as part of Medicare plans, which can make life much easier for seniors who are looking to maintain their independence.
What are the Added-Benefits Added to Medicare Plans?
When Medicare was first created, it was designed as a single-payer health care system for seniors. Over the years, the program has grown and evolved to include additional benefits for those aged 65 and over. Today, many Medicare plans offer additional benefits, such as a prescription drug plan, health insurance, and even retirement benefits. Here’s a look at some of the most popular added-benefits:
Prescription Drug Plan: A prescription drug plan is one of the most popular added-benefits offered by Medicare plans. This plan covers the cost of prescription drugs for seniors, regardless of whether they receive them through their Medicare coverage or not.
Health Insurance: A health insurance plan is another common added-benefit offered by Medicare plans. This type of coverage can help cover costs related to medical expenses, such as surgery or hospitalizations.
Retirement Benefits: Many Medicare plans also offer retirement benefits. These benefits can include Social Security payments and private retirement savings accounts.
How Much Does an Added-Benefit Cost?
As Medicare plans are updated, added benefits are becoming more common. A recent example is added coverage for psychiatric care. So what does this mean for seniors and their families?
When a Medicare plan is updated, it becomes available to more people. This means that seniors and their families may be able to get coverage for psychiatric care that they wouldn’t have been able to before.
There are two main types of psychiatric care: inpatient and outpatient. Inpatient care refers to care that is provided in a hospital setting. Outpatient care typically refers to care that is provided outside of a hospital setting.
The cost of psychiatric care can vary a lot depending on the type of care that is needed. In some cases, outpatient care may be cheaper than inpatient care. However, the cost of outpatient care can also go up as the patient gets more expensive.
There are a few things to consider when trying to figure out how much an added-benefit like this will cost. First, it’s important to determine if the added benefit is covered by your Medicare plan. If it isn’t, you’ll need to contact your insurance company to see if they will cover the cost.
Which Medicare Plans Offer Added-Benefits?
When most people think of Medicare plans, they think of the benefits that are included in traditional Medicare. However, there are also a number of Medicare plans that offer added benefits. Here’s a look at some of the most popular added-benefits plans:
The Medigap Plan: The Medigap Plan is a type of Medicare plan that covers a wide range of medical expenses not covered by traditional Medicare. This includes things like vision and dental care, as well as prescription drugs. Some Medigap plans also offer added benefits, such as coverage for long-term care services.
The Part D Prescription Drug Plan: The Part D Prescription Drug Plan is another type of Medicare plan that covers prescription drugs. This plan is available only to those who are 65 or older and have poor health insurance coverage. It offers two types of coverage: an outpatient coverage plan and a prescription drug coverage plan.
The Modified Adjusted Gross Income (MAGI) Test: The MAGI Test is used to determine whether someone is eligible for the Part D Prescription Drug Plan. It’s based on your income and family size. If you’re not eligible, you can still purchase prescription drugs through the Part D Prescription Drug Plan
If you are nearing or have reached the age of 65, you may be eligible for one or more of the new added-benefits Medicare plans. These plans offer a variety of benefits, such as access to preventive care and screenings, mental health services, and prescription drug coverage. If you are interested in learning more about these plans or if you are already enrolled in one and would like to know about any changes that have been made recently, please contact your Medicare plan administrator. Thanks for reading!