There are many factors to consider when searching for a Medicare Advantage plan in 2023. If you are unsure of the Medicare process, Echo Financial Services is here to help clarify updates and changes. Contact us for assistance.
In-Home Assistance
Many seniors who do not qualify for Medicaid struggle with paying for in-home assistance for activities of daily living and other tasks such as light cleaning, cooking, bathing, and dressing. This is because Medicaid is typically how these providers’ services are paid for. However, some insurance companies now offer coverage for a helper to come to the home for a certain number of weeks and hours per day. Be sure to ask about this benefit and how it works if it is included in your plan. It’s important to remember that at some point, we may all need some form of long-term care as we age. It’s best to prepare for this possibility before you actually need it.
Most Medicare Advantage plans do cover skilled nursing, but they may not provide details on what is required to take advantage of this benefit or why coverage ends after 100 days. To use the skilled nursing benefit, a member must first be hospitalized for 3 days. The benefit also ends after 100 days because Medicare does not cover long-term services.
Giveback Plan
There are many Medicare Advantage plans that offer help with paying for the Medicare Part B premium, also known as “giveback plans”. Keep in mind that when an insurance company offers something, they may take something away in another area. It’s important to make sure that the giveback plan includes prescription drug coverage, as many do not. It’s also essential to pay attention to the benefits and copays, as some giveback plans have high copays. For example, if you frequently visit specialists, a giveback plan may not be the best fit for you if the cost of the visits outweighs the money that the insurance company is reimbursing you. It’s always a good idea to consider the entire picture and not just focus on a single benefit that a plan may offer..
Chronic Special Needs (SNP) Plans
There are also Medicare Advantage plans available that are specifically designed for people with chronic conditions such as diabetes, COPD, ESRD, and heart conditions. However, just because a plan is designed for a specific condition does not mean it is the best fit for all healthcare needs. It’s important to compare these plans with others that may be more specific to your condition but also meet all of your healthcare needs.
Open Enrollment Period
The Open Enrollment Period (OEP) is from January 1 to March 31. During this time, all Medicare beneficiaries enrolled in a Medicare Advantage plan can switch to another Medicare Advantage plan if they are not satisfied with their current plan. Only Medicare beneficiaries enrolled in a Medicare Advantage plan can take advantage of this opportunity to change during the OEP.
At Echo Financial Services, we believe that you deserve to live your later years without stress. That’s why we’re here to help you find the right Medicare Supplement Plan for your needs. If you have any questions about these plans or the Medicare process in general, don’t hesitate to contact us. We’re here to support you every step of the way. It’s important to have a plan in place that covers your healthcare needs, so you can focus on enjoying your retirement years. Our team is dedicated to helping you find a plan that fits your budget and provides the coverage you need. Don’t navigate the Medicare process alone – contact Echo Financial Services for expert assistance.
Don’t Navigate Medicare Alone — Contact Us!