Two plans you may want in addition to your Medicare Advantage plan

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By: Raphael Cannon

I’ve been helping people with their Medicare needs for a while now and there are two common questions I consistently hear…

“Is there anything to help with my hospital co-pays?” and “Does Medicare cover long term care?” 

Let me address the first question. Yes, there is. While people love the fact that most Medicare Advantage plans have no premium, they often shutter at the fact that if they are hospitalized there will be a co-pay between $300 and $400 per day depending on where you live. 

That is for the first five days so if you are admitted to the hospital you could get a bill of $1,500. That does not sit well with most people.

So, what do I do? I have a plan that costs about $30 to $40 a month that will cover the hospital co-pay.  

This plan can even cover the cost of an ambulance ride.

Since this hospital co-pay can be a big financial risk for people, it makes sense to add this plan. 

Now for the second question: “Does Medicare cover long term care?”

Medicare will likely cover up to 100 days and then you are on your own after that. The challenge with getting long term care insurance is that it is expensive and difficult to qualify for. This means most people just go without any kind of protection, which they don’t have to.

We call this extended health care planning and it is not all that different than buying a car. You don’t go to a dealership and ask to see a Cadillac and then if the price is more than you want to pay just decide you are going to walk everywhere. No. You find something in your budget. 

Extended health care planning is the same. That’s why I like to show my clients a home health care plan that will pay for your care in your home for up to 365 days in Ohio [some states it’s only 360 days].

It will pay up to $300 a day should you need it. One of the great things about this plan is that it will actually pay you for taking your medications and going to your doctor.

You can get up to $50 a month [or $600 for the year] for taking your meds and $150 a year for getting a routine physical.

To qualify for this plan there are only two questions…

  1. Are you currently receiving care in a facility?
  2. Are you currently receiving care in your home?

If you can answer “no” to those questions, you qualify.

The premiums for this vary from state to state but for someone between the ages of 65 and 70 in Ohio your monthly premium would be $98.26.

Remember, you can get up to $50 a month for taking your meds so your net premium could be as low as $48.26. 

You will get $10 per generic medication and $25 per brand name medication.

We hear from a lot of people that they would prefer to receive care in their home, especially now a days.

Let me do a little bit of math for you: $300 a day for 365 days is $109,500 in benefits available to you with this plan. That means with the premiums being as low as they are, you will never ever pay more into this plan than it is worth. It works out to be a great deal should you need care.

So, there are two areas that Medicare Advantage plans leave a need for additional planning and I can help with that. 

If you want to see what these plans look like for you feel free to reach out to me or directly to your agent.

ABOUT THE AUTHOR: Raphael Cannon is an experienced advisor in Ohio that has helped thousands of people understand their Medicare options and find the best solution for their needs. In addition to Medicare he also has helped people protect their families with extended health care planning, life insurance, and even protecting peoples' retirement with annuities. In addition to being an exception advisor, Raphael is a devoted father to a beautiful daughter.