In case you missed it, the “Motley Fool” had an article this week about the rise of Medicare Advantage as the answer to the growing healthcare costs faced by seniors.
In 2010 there were 39.4 million seniors in the U.S. and by 2050, that number is expected to hit 79 million. While the strain on the national healthcare system is obvious, the trickle-down strain onto 79 million individual seniors’ wallets is a less-talked-about problem.
The Motley Fool’s analysis determined that Medicare Advantage appears to be the answer because while it has higher premiums, it offers more expansive coverage and is offered by private insurance rather than the federal government.
“What that means for seniors is they’ll pay no more for certain services under a Medicare Advantage plan than they would were they covered by the original Medicare,” the article concludes.
Medicare Advantage also caps a senior’s out-of-pocket costs each year, which means seniors who need operations or cancer treatments won’t lose their shirts in the process.
Word is spreading and Medicare Advantage numbers are on the rise. Medicare enrollment rose 4.9 percent between 2010 and 2014 while Medicare Advantage enrollment rose almost 40 percent.
Each person’s situation is different, of course, and with its higher premiums, Medicare Advantage isn’t necessarily the best option for those with few health problems. But for those with chronic conditions and costly or numerous healthcare needs, the numbers indicate that Medicare Advantage is a financial lifesaver.
You can read the whole article at http://www.fool.com/retirement/general/2015/12/13/the-healthcare-revolution-for-seniors-that-few-are.aspx.
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