Humana Medicare Advantage 2021
It is that time when seniors are planning ahead of time on matters related to their healthcare for 2021. This year is barely mid-way, but with challenges like the current COVID-19 pandemic, everyone is reflecting about how important it is to have a reliable medical insurance plan in place. Seniors can look into Humana Medicare Advantage 2021 plans to pair with their Original Medicare health insurance plan. These Medigap plans help solve the brunt of medical bills.
Medicare Advantage Plans
Medicare Advantage plans are underwritten by private insurance companies contracted by Medicare. They essentially work as an alternative to Original Medicare. When talking about Original Medicare, this refers to the national health insurance program that was initiated by the arm of the federal government SSA (Social Security Administration) back in 1966. Today, (CMS) Centers for Medicare and Medicaid Services is in charge of administering Medicare (Part A inpatient and Part B outpatient coverage).
Medicare Advantage is also referred to as Part C and its coverage comprises hospital and medical coverage as well as additional benefits. Most Advantage plans also bundle prescription drug coverage as part of the policy.
What Do Medicare Advantage Plans Cover?
There are several reasons why seniors would opt for this high coverage plan and the first one is simply because it covers what Original Medicare does as well as the costs that it does not. The extent of coverage includes ER visits, emergency medical services, surgery, medical tests, doctor’s visits, medical tests and more medical-related needs.
They also take care of Medicare Part B (outpatient) deductible, coinsurance, and copayments most of which seniors have to meet themselves under Original Medicare.
Most Advantage plans cover the following:
- Hospital coverage including hospital visits, hospice care, nursing facility stays, and home healthcare services.
- Medical/Outpatient coverage for preventative, treatment, and diagnostic services.
- Prescription drugs (Medicare Part D) coverage takes care of the tab for both generic as well as a few name brand medication.
- Dental, hearing, and vision coverage for screenings as well as some assistive equipment.
- Additional benefits like fitness membership.
Types Of Advantage Plans
Beyond just offering varying added perks depending on the insurance provider underwriting the Advantage plan, there are different types.
- The HMO (Health Maintenance Organization) option requires beneficiaries to access healthcare services and visit medical professionals within their network of approved providers.
- The PPO (Preferred Provider Organization) option also recommends beneficiaries to see in-network professionals but they can still visit out of network professionals/facilities at a higher rate.
- PFFS (Private Fee-for-Service) plans are flexible.
- SNP (Special Needs Plans) work best for people with chronic conditions and need long-term medical care.
- MSA (Medical Savings Account) works best when teamed up with high deductible medical plans.
Humana has a history working in the insurance business going back to the 1960s. They have since grown into one of the biggest health insurance providers in the U.S. They have a wide range of competitively priced health insurance products specifically for the senior demographic. Best yet, their insurance policies come bundled with added benefits at no extra cost to the beneficiary.
Some of the member benefits include gym membership, 24-hour access to doctors via phone, prescription drugs drop-off services, discounts, and several more helpful perks. Humana partners with a large network of healthcare providers including doctors, experts, hospitals, clinics, and other medical facilities. What it means is that the Humana Medicare Advantage 2021 plans allow seniors to access healthcare from a wide range of healthcare providers.
Depending on the type of Advantage plan you settle for, you can access healthcare services outside of Humana’s network. The only thing worth noting is that this exposes you to either higher rates for services or higher out-of-pocket expenses. Humana offers a win-win solution through their PPO Advantage plans. They cost you more than other type of Advantage plans but with a PPO you receive powerful coverage both in and off-network.
Humana’s HMO Advantage plans are significantly more affordable compared to the PPOs, but they exclusively cover you when you seek health care from in-network providers. Most people settle for this option because Humana partners with healthcare providers who are accessible in just about every state. It helps a great deal to contact Humana ahead of time and find out if your local hospital, clinic, and general physician fall under their network of providers.
Humana also offers PFFS Advantage plans which are flexible in nature and provide full coverage on-network. This option then charges per-service fees for medical care accessed from off-network providers.
Some people qualify for Humana’s SNP Advantage plans which in essence come with lower premiums and prove to be all-round affordable.
We are happy to help you figure out what type of Advantage plan best suits your healthcare needs.
Humana’s Medicare Advantage Rates For 2021
Besides a possible shakeup in the list of Advantage plans Humana offers, they will not have a lot of changes in the coming year. Most insurers impose rate increments on their policies annually in line with inflation. Our site can help you access the current Humana Medicare Advantage rates so that you can have a look at what you stand to pay for the plans in the coming year.
We also recommend comparing Humana’s Advantage rates against what other insurance companies charge for the same plans. This helps you figure out if you stand to benefit more from another insurer, but it is also important to look into the member benefits and network coverage when making this decision.
The average premium members stand to pay for Humana Medicare Advantage 2021 plans averages $45 per month. The higher-cost Advantage plans average about $100 per month. When pitted against other insurers, Humana’s rates are typically fairer than most.
The takeaway is that Medicare Advantage plans come with more benefits when compared to Original Medicare. They offer the convenience of coverage, long-term savings, and multiple plan options. They do come with network limitations for the better part and beneficiaries who must go out-of-network have to pay additional costs. The plans also do not include coverage for emergency medical travel abroad.
Regardless, seniors who choose Medicare Advantage plans stand to benefit from more comprehensive coverage.