Medicare 2020

August 15, 2019

Medicare is national health insurance in the united states. It began in 1996 under the social security administration (SSA) and now administered by the center for medicare and Medicaid Services (CMS).

The insurance provides health insurance for Americans aged sixty-five and older, younger people with disabilities as determined by the social security administration. Last year, it was recorded that Medicare provided insurance for over 59,9 million people. On average, it covers half of the healthcare expenses of those who enrolled.

Medicare is funded by a combination of a payroll tax, beneficiary premiums, and surtaxes from beneficiaries, co-pays and deductibles, and general united states treasury revenue.

Medicare comes in four parts:

Part A covers hospital care

Part B covers doctors, medical test, and procedures. This is a basic package that they offer, however, there is a premium program for it.

Part C covers for medical advantage: This is one of the alternative options to traditional Medicare coverage. This coverage often includes Part A, Part B, and Part D.

Part D is administered by private insurances companies, and it required to be taken unless there is another coverage from another source.

However, there will be a change that will give medicare advantage 2020. Starting in 2020, there will be no first-dollar coverage plans available to those who are considered eligible for medicare.

The three medicare supplement plans considered first-dollar coverage are; plan C, plan F, and high deductible plan F.

The reason why the first-dollar coverage plans are being discontinued is that some members of congress believe that medicare beneficiaries are over-using healthcare services.

To keep the system effective, these are some of the steps that you can do to keep your pockets safe if you are eligible for Medicare after 2020;

Switching for an alternative to Plan C, which is Plan N. This is considered a cost-sharing plan. You can pay a co-pay up to $20 for doctor visits and up to $50 in the emergency room.

Alternative to plan F, which is plan G. This plan will virtually cover all your medical and hospitalization costs, including excess charges. Plan G is one of the most popular plans because it offers great advantages with a cost that is less than plan F.

Aside from eliminating three plans, medicare is also planning to introduce another plan; High deductible plan G. It will more likely to have the same deductible amount with the high deductible plan F. However, the HDG policy requires the beneficiary to pay the part B deductible, which cost $185 annually. Although the benefit of the policy is not yet available, it is expected that the deductibles need to be met before coverage begins.

If you are eligible for the plan, you are still able to choose plan C, plan F and high deductible plan F. You are also allowed to upgrade to high deductible plan G.

The plan of eligibility for Medicare is going to be lowered as well to cover a much higher number of senior citizen that has not yet reached sixty-five.

Medicare