It has long been assumed that Medicare Advantage plans are the way to go if you need a low monthly premium. The risk trade-off, of course, is higher out of pocket costs until you reach the annual spending limit. However, the premiums are so low on most of the basic plans that many seniors wonder, “are Medicare supplement plans worth it?” There is, however, one Medicare supplement that has similar monthly premiums and an annual out of pocket limit, just like Medicare Advantage. It's Medigap Plan K and the insurance wonks at MedicareWire think it's worth a look. It All Comes Down to Costs vs. Benefits Like Medicare Advantage plans, Medigap Plan K offers partial coverage for the coverage gaps baked into traditional Medicare. Plan K beneficiaries pay all cost-sharing for covered services and benefits until they reach the annual out of pocket limit ($5,880 in 2020). When the beneficiary reaches the annual spending limit, their Plan K kicks in and begins paying all (100%) … [Read more...]
Review: Lasso Healthcare MSA Plans
Lasso Healthcare Expands MSAs into 620 New Counties for 2020 In its recent study on 2020 Medicare Advantage plan availability, MedicareWire discovered a sweeping expansion of Medical Savings Account (MSA) plans by Lasso Healthcare (Lasso). Offering plans in 1,151 counties in 2019, for the 2020 plan year Lasso operates in 26 states and the District of Columbia, with MSA plans now available in 1,771 counties. While Medicare insurance giants United Healthcare and Humana each expanded their operations into more than 100 new counties, most of their expansion was in counties where Medicare Advantage (MA) plans were already available. Lasso's expansion pushed into dozens of rural counties with no Medicare Advantage plan options, giving thousands of Medicare beneficiaries an option to Original Medicare and Medicare Supplement insurance. MedicareWire reviewed Lasso's MSA plan offering, and here's what it found: There are three different plans, each supports a specific region. Each … [Read more...]
Medicare Advantage 2020 by the Numbers
Increasingly, Medicare Advantage plans are serving more Medicare beneficiaries than ever. More than 22 million Medicare beneficiaries enrolled in a Medicare Advantage plan in 2019, a full 34% of those eligible for the health insurance program. This MedicareWire report offers a brief overview of the Medicare Advantage program for plan year 2020, based on its analysis of the Landscape Source Files from the Centers for Medicare and Medicaid Services (CMS). Medicare Advantage Plan AvailabilityInfogram Number of Plans Available Nationwide, there are 3,148 private health plans available under the Medicare Advantage program. This represents an increase of 414 plans over plan year 2019, marking three straight years of steady growth. On average, beneficiaries can choose from a pool of 28 plans in their area in 2020, up from 24 in 2019. For those who qualify, the availability of Special Needs Plans (SNPs) increased to 855 plans in 2020, up from 717 in 2019. Number of Insurance … [Read more...]