Older, Wealthy Adults: Take Advantage of a Medicare Advantage Plan

In my recent posts we’ve been talking about financial ways that wealthy Americans over age 65 can protect their spouse’s and their own health. We started out with the fact that protecting the health of one’s spouse may be the number one priority for Americans in this age group. Two ideas we suggested are to consider Medicare supplement insurance and to look into Medicare’s Part D prescription drug plans. Now let’s talk about a third way to financially protect your spouse’s health as you age.

Take a Comprehensive Approach

Have you heard about Medical Advantage plans? They can be a good way to protect your spouse and yourself in a more complete way. Under a Medical Advantage plan, private companies contract with Medicare to provide your hospital and outpatient benefits—and sometimes, prescription drug benefits, too. They often provide broader coverage than traditional Medicare — and with lower co-payments and deductibles.

If you join a Medicare Advantage plan (sometimes called Medicare Part C or MA Plan) you still have Medicare. But you'll get your Medicare Part A (hospital insurance) and Medicare Part B (medical insurance) from your Medicare Advantage plan.

Most Medicare Advantage plans are low cost. Some charge no premium at all. But you don’t need this type of plan if you have the military’s Tricare for life or an employer retiree medical plan. Tricare and employee retiree medical plans are often as good as or better than what you can get through a Medicare Advantage plan.

For more information you can always call me, Gene Offredi CFP, RFC at Summit Investor Coach in Guilford at 203.453.1017.