Along with Medicare, one has to take Medicare Advantage plans, so as to stay fully covered, especially during times of medical emergencies. The best advantage insurance policy is one which is good enough to cover up all out of pocket expenses which are not reimbursed by traditional Medicare policy. Such out-of-pocket expenses might include coinsurance, deductibles and copayments. Few plans might pay such expenses and others could provide cash benefit which provided in lump-sum amount or cash benefit offered over certain time period. The lump sum amount could be used to cover lost wages, transportation charges when availing medical treatment or to meet food, medication and other expenses that are not expected due to illness or injury.
Top Medicare Advantage plans
Those having enrolled with Medicare are eligible to enroll with Medicare Advantage plans of their choice. Traditional Medicare includes hospital insurance in the form of Part A, while Part B covers medical insurance. This pays majority of the charges, about 80% of the total cost for services that are associated with medical supplies and health.
According to the experts, the best Medicare Advantage plans is considered to be the one that is sufficient enough to cover those expense gaps that are left untouched by original Medicare like copayments, coinsurance and deductibles. Such expenditures are likely to add up into a hue amount and can pose a big problem for the senior citizens, especially those who require hospitalization or skilled nursing home facilities. The right plan will also cover medical services sought by the policy holder in a foreign country along with preventative services who are not Medicare approved.
People enrolled with Medicare Parts A & B along with the most appropriate Medicare Advantage plans will find that the approved medical services are first paid by Medicare after which the reminder is paid off by Medigap policy.
Advantage insurance type
Besides Medigap, there are available 3 other advantage insurance plans which are sold across the country. They can be found as employer voluntary benefit or direct enrolment from any insurance provider.
Critical illness insurance
Critical illness or disease specific insurance has been designed to offer people suffering from serious and chronic illness like cancer with proper and timely financial support. They do offer lump sum amount to ensure that the policy holder is able to meet additional expenditure during the course of the long treatment. This is something not covered by the disability plan or traditional Medicare.