Did you know that there are gaps in Medicare Parts A and B which can be enough to send even the most savvy retirees to the poorhouse? So how can intelligent seniors save their hard-earned retirement funds? This isn’t just a fight for couch cushion change, but a fight for quality of life for seniors throughout Nevada. In Henderson, there are assuredly more challenges than most in finding the right coverage, but we’re here to help.
Senior Medicare in Henderson: Facts and Figures
- There are 57,732 senior citizens living in Henderson right now
- There 10 hospitals in the Henderson area where seniors can get emergency and/or in-patient care
- 35% of Nevada seniors have a Medicare Advantage plan
- 13% of seniors have a Medicare Supplement (Medigap) plan
- Which leaves 52% of seniors potentially uninsured or underinsured against costly Medicare coverage gaps!
Aging makes everyone more at risk for particular diseases – most of which will last for the rest of our lives, and require increasing amounts of care. Some may get better, but the more likely option is that they’ll continue to worsen with time. Not only will your health be at stake, but your financial security as well. Medical expenses are on the rise every single year, and fiscal evidence shows they will likely continue well into the future. There is also the potential that you might experience more than one of these diseases at the same time, doubling your medical bills (or more).
|Disease||Prevalence (in Henderson)|
|High Blood Pressure||26%|
|Coronary Heart Disease||6%|
Healthcare Costs in Henderson, NV
Of course, it is vital to understand how expensive these diseases are to treat. Prescriptions, medical equipment, in- and out-patient care, doctor appointments; it all adds up. Not to mention, all medical costs in general are on the rise every year. A doctor’s appointment today is more expensive than the same doctor’s appointment at the same office with the same doctor this time last year. The upside is, thanks to advancing medicine, seniors are living longer. But they’re also incurring more and more medical debt. This means it is more important now than ever before to ensure your coverage is up to snuff going into your senior years.
|Disease||Prevalence (in Henderson)||Annual Cost of Treatment|
|High Blood Pressure||26%||$354|
|Coronary Heart Disease||6%||$8,413|
Medicare Advantage Savings in Henderson, NV
The federal government has approved Medicare Advantage as a form of private health insurance. It is open to senior citizens who are eligible to be on Medicare, even if they are not currently enrolled in a Medicare plan. Instead of the government paying for your medical bills directly, they send their contribution towards your Medicare Advantage premium, and you only owe the difference. In many cases, this ends up being zero. These plans, by law, have to cover at least Medicare Parts A and B, and more cover additional in the form of vision or dental.
Medicare Advantage plans can offer many seniors better coverage options for their chronic ailments. Diseases like diabetes, arthritis, and high blood pressure are generally progressive and last until end-of-life, plus require extra effort to manage. Drug tests, prescriptions, equipment, additional doctor visits; all of these things can and do culminate over time, resulting in a higher bill. Medicare Advantage can be more effective than just Medicare plans alone. Over time, as these conditions continue to get worse, bills will continue to pile up. Even with Medicare Part D, you can get more coverage and save more money with some Medicare Advantage plans. It’s important to start budgeting now for the inevitable cost.
A cost effective drug plan is only part of what can be added to Medicare Advantage plans. Doctor appointments, equipment of the medical or pharmaceutical variety, and an economical prescription system, are all options for different Medicare Advantage plans. Even more give the choice to incorporate dental or vision benefits into their packages, as an extra boon. The federal government which would be providing Medicare then instead redirects the funds to the Medicare Advantage plan of your choice. That means you could receive even more coverage for no additional cost! However, copays and coinsurance will still always be the responsibility of the policy holder. And with any insurance policy, there will be some expenses that just aren’t covered.
Medicare Supplement (Medigap) Savings in Henderson, NV
Medigap policies can help to save so much money because they work differently than other policies, particularly when it comes to Medicare Part A. The most difficult conditions – like kidney failure or coronary heart disease – can cost upwards of thousands of dollars, even potentially reaching six figures. And that’s just for hospital stays and inpatient treatments, not including continuing care outside of the hospital setting. If you have to stay in the hospital for a prolonged period of time, or have a procedure like a blood transfusion, those aren’t covered either under Medicare Part A. That is why you need supplemental coverage like Medigap to fill in those holes in coverage and protect against costly additional medical expenses.
Right now, there are four plans designed to cover the gaps in Part A of Medicare. These plans are A, D, K, and L. They are designed to save you money while keeping you protected from outrageous hospital expenses. Other plans offered cover gaps in Part A as well as Part B, but more on that below. If you don’t expect Medicare Part B to have extraneous costs and are more concerned about hospital stays and associated expenses, you should know that Medigap policies which cover only Part A gaps are less expensive than others. The lower monthly cost could save even more money over time.
Other Medigap plans available are Plans B, C, F, G, M, and N. They cover Medicare Part A costs as well as differing portions of Part B. The more coverage your plan provides, the more the monthly premium will cost. But, this also means far fewer out-of-pocket surprises when situations arise, both for Medicare Part A and Medicare Part B. A few dollars more in premium could save potentially thousands in medical bills. It is worth noting that Plan F will be retiring at the end of 2020, and you cannot enroll in it after December of 2020. So if you’re eligible for Medicare and you want all the benefits of plan F, you’ll have to act fast!
Medicare part B plans are supposed to take care of aspects that Part A does not, namely outpatient procedures, General Practitioner and Specialist visits, and some select pieces of medical equipment. Co-pays, coinsurance, and premiums for original Medicare Part B can be difficult, however. There are many options to reduce this cost and help from the expenses getting overwhelming.
Medicare Supplement Insurance does not have coverage for medical drugs, dental, or vision care, unlike Medicare Advantage. Traditional Medicare does offer Part D, which is coverage specifically for the above mentioned items, whether or not any other original plan is purchased. With a quick search through your preferred search engine, you can likely find alternate dental or vision coverage in your area for an affordable price.
Seniors living in Henderson, NV must know that having supplemental Medicare coverage is necessary for going into the final stage of life. It protects your retirement, and your health. Medical costs are only going to continue to rise for all, and especially seniors. That is beyond anyone’s control. But what you can control is how well you prepare. You must find a Medicare supplement policy that is comprehensive enough for your medical needs, and still fits your monthly budget. We want to help you find that policy today.
|Medigap Plan||Minimum Monthly Premium||Maximum Monthly Premium||Average Estimated Monthly Premium (Part B Premium Included)|
|Plan F (high deductible)||$28||$80||$190|