(Newswire.net — September 9, 2019) — Medicare is one of the most popular forms of healthcare services available, though it’s not as big as Medicaid and the government’s Affordable Care Act. With that being said, do you know what are the benefits of Medicare?
What are the Benefits of Medicare
But the question is, what can Medicare give you that others could not? How can Medicare benefit you better than other healthcare platforms out there?
Cost-Effective
Most patients who need Medicare get free Part A, but to get Part B they will have to pay a small monthly fee which is generally about $130. This may seem much, but when you add up all your out-of-pocket expenses, e.g., prescriptions, operations and associated costs, the $100-plus tag will give you more savings.
Coverage For All
Medicare is one of the best providers out there because they give coverage to patients who would normally encounter difficulties getting coverage. Before Medicare, about 9 million aged patients did not have health coverage. Today, U.S. individuals with disabilities receive medical treatment, thanks to Medicare.
If Medicare wasn’t established in 1965, a large percentage of the aged population will be paying exorbitant out-of-pocket costs each year, while disabled patients will have to rely on family or caretakers who may not be able to shoulder such expenses.
You can Opt for Additional Coverage
Enrollment for Medicare’s Advantage packages is an all-time high, with forecasts that it will keep growing. In 2016, 17.6 million patients opted for the health coverage, which was three times the number in 2004. Also, Part C patients make up 31% of the 57-million Medicare account holders in 2016.
When you enroll in Part C, you gain access to Part B medical and Part A hospital insurance, aka the Original Medicare. You also get added benefits in the form of vision and dental coverage for a few more dollars.
Improved Medical Standards
Medicare has paved the way on how hospitals and clinics should operate. The government, in line with the creation of Medicaid and Medicare, became involved with checking operational standards and forced accountability. Therefore, hospitals started performing diligently in aspects of patient care and treatments.
Improved Prescriptions
Medicare has a direct effect on drug sales. Millions of patients gained prescription access where they didn’t before. Pharmaceutical companies started producing medicines for seniors when they saw the massive profit potential that Medicare opened.
The Advantage Prescription and Part D Drug Plans gave a wider spectrum of medicines for the population as a whole. In 2006, 22.5 million patients subscribed to Plan D Medicare, which doubled to 40.8 million in 2016. With this many healthcare patients, the biggest pharmaceutical companies began developing drugs to fill in the market niche.
To Summarize
You should now know the answer to what are the benefits of Medicare. More importantly, Medicare gave those who normally can’t get or afford healthcare coverage they need for a better quality of life and peace of mind. The aged population and disabled Americans can finally get the care they need without shelling enormous amounts of out-of-pocket expenses.