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|Medicare Advantage Plans : Pros & Cons
Medicare Advantage Plans is a Medicare Government National Health Insurance which is a program in the United States, which began in the year 1965 Under the SSA – Social Security Administration and now administered by the CMS – Centers for Medicare and Medicaid Services. It mainly provides Health Insurance for Americans aged 65 or older, but it is also available for some younger People who are with Disability (SSA) – Status as determined by the SSA, Which Including People with End Stage Renal Disease and (ALS) - Amyotrophic lateral Sclerosis.
In the year 2018, According to the year 2019, Medicare Trustees Reports that Medicare provided Health insurance for over 59.9 million individuals in the US, more than 52 million people who are aged 65 and older and about 8 million Younger People. Which reported according to annual Medicare Trustees Reports and research by the Government’s MEDPAC Group, Medicare will cover about half of the Amount which is spent on Healthcare Expense of those who are enrolled, Enrollees almost covers most of the remaining costs by taking additional private insurance and or by joining a Public Medicare Part C or Medicare Part D Medicare Health Plan.
In the Year 2020, US Federal Government Spending on Medicare was $776.2 Billion. No matter which of those two options the beneficiaries choose—or if they choose to do nothing, beneficiaries also have other healthcare-related costs. These additional costs can include deductibles and co-pays; the costs of uncovered services—such as for long-term custodial, dental, hearing, and vision care; the cost of annual physical exams (for those not on Part C health plans that include physicals); and the costs related to basic Medicare's lifetime and per-incident limits. Medicare is funded by a combination of a specific payroll tax, beneficiary premiums, surtaxes from beneficiaries, co-pays and deductibles, and general U.S. Treasury revenue.
Parts of Medicare:
Medicare part A
Medicare Part B
Medicare Part C
Medicare Part D
Medicare Part A covers - hospital inpatient, formally admitted only, skilled nursing only after being formally admitted to a hospital for three days and not for custodial care), home health care, and hospice services.
Medicare Part B covers outpatient services including some providers' services while inpatient at a hospital, outpatient hospital charges, most provider office visits even if the office is "in a hospital", durable medical equipment, and most professionally administered prescription drugs.
Medicare Part C is an alternative called Managed Medicare or Medicare Advantage, which allows patients to choose health plans with at least the same service coverage as Parts A and B (and most often more), often the benefits of Part D, and always an annual out-of-pocket expense limit which A and B lack. A beneficiary must enroll in Parts A and B first before signing up for Part C
Medicare Part D covers mostly self-administered prescription drugs.
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