(Here’s What You Can Do About it)
While there are a lot of great reasons to have a Medicare Advantage plan, anyone who has actually used their MA plan might tell you that it is not everything that it is cracked up to be. Sure, we all love the extra benefits and low premiums that come with an MA plan, but those high copays and out-of-pocket limits? Those are not so friendly.
In fact, with out of pocket limits as high as $6,700, many Medicare Advantage plans are incapable of providing 100% of the coverage that is required, especially for anyone who is on a fixed income.
Fortunately, help is a lot closer than you think. With a Hospital Indemnity Plan, Medicare clients can rest assured that the out-of-pocket gaps in their MA plan are covered.
The Impressive Benefits of a Hospital Indemnity Plan
Consider this: the average length of a hospital stay for a Medicare recipient is about 5 days, and the average cost as high as $14,500. At these prices, people on a fixed income are likely going to have some trouble coming up with enough cash to cover the deductible, much less the numerous incidental charges that your MA plan might not cover.
Hospital Indemnity plans serve as supplemental insurance to your MA plan by providing fixed-amount payments for qualifying events. Though the details will vary by plan, here are some examples of the kind of things that might be covered:
Things like ambulance transport and emergency room services might not be covered by your Medicare Advantage plan because they precede hospitalization. Hospital Indemnity insurance provides a lump sum in the case of events like these that might otherwise have to be payed out of pocket.
Both in-patient and out-patient treatments can come with hefty lodging, transportation, and confinement costs. Hospital Indemnity plans pay a daily cash benefit for these things in many cases.
After receiving a treatment or operation, getting back on your feet is not always a straight and narrow path. Physical or occupational therapy might be a requirement of your recovery, or in some cases a brief stay at a skilled nursing facility which can costs hundreds per day. Depending on the type of Hospital Indemnity plan you get, you might be able to get cash benefits for these kinds of services.
What is the Real Cost of a Hospital Indemnity Plan?
The ongoing joke about Medicare Advantage is that it is the perfect plan for healthy people, but that is not always the case after you get sick. Out-of-pocket costs start to pile up, and because of the complicated ways that Medicare determines coverage eligibility, you might find yourself with a much larger bill than you expected.
Hospital Indemnity Insurance is a lot more affordable than you might think. Some plans go for as little as $22 a month, which is a small price to pay when you think of the kind of protection you are putting in place for yourself.
Is Hospital Indemnity Insurance Right For Me?
If you are interested in learning more about whether Hospital Indemnity Insurance can help smooth over the gaps in your Medicare Advantage plan, then call us today. Your specialized insurance professional is standing by to help you review the options that are available to you.
You can also visit the MediGap Advisors website, where it is possible to schedule free consultations and request free coverage quotes. There, you can learn more about how our team is uniquely poised to uncover your needs, simplify your options, and ultimately, save you money.
Mike Montes is a Personal Benefits Manager at MediGap Advisors. Mike has a passion for bringing clarity to those confused about Medicare. He is an authority on Medicare, Medicare supplement plans, Medicare Advantage plans, and Part D prescription drug plans. Read more about Mike on his Bio page.