Cancer Policies and Medicare Advantage Plans

53% of Medicare beneficiaries who have an Advantage plan are Hispanic, and that is why we want to talk to you about the importance of having a cancer policy with these plans.

In the past blog we talked about how to learn about your Medicare Advantage plan with your plan's summary of benefits. On one of the pages of the summary of benefits you can see a page about Medicare Part B Drugs and the costs for cancer treatments. It is extremely important to know that, in case of a cancer diagnosis, it can be one of the highest costs in Advantage plans, as you will have to pay for 20% of these treatments such as chemotherapy and radiation, and also the drugs that the doctors put you on in their offices.

Keep in mind that the approximate out-of-pocket maximum for Medicare Advantage plans is $7,550. What does the out-of-pocket maximum mean? Remember that these are plans that have zero monthly premium, but you pay as you use it, and the most you would pay per year adding those costs together would be $7,550. This is the out-of-pocket maximum.

Because of these high costs, most people with a Medicare Advantage plan purchase a cancer policy because it will help cover the costs of the various co-payments.

This is a policy in which you pay a low monthly premium that depends on the benefit you want and this benefit is given to you in a lump sum. In the event that you have a positive diagnosis of cancer, the plan sends you a check in the amount of the policy or benefit you have purchased. That is, you may receive a check for $20,000, $25,000 or the amount you have requested and you can use it for the different co-payments for your treatments or for direct or indirect expenses of your diagnosis.

In the event that you do not have a cancer policy and you have a positive diagnosis that is under treatment or a pending diagnosis, you will no longer be able to purchase one.

If on the contrary to a Medicare Advantage plan, you have a Medicare Supplement plan that helps you with the costs of your cancer treatments, since it is a plan in which you have a monthly premium and upon receiving a positive cancer diagnosis, it will pay the 20% co-payment for cancer and chemotherapy treatments.

Many Hispanics prefer a Medicare Advantage plan because they want to pay as you go or because they also want to take advantage of the benefits offered by these plans, but we must be aware that with an Advantage plan you will be exposed to the 20% copayment.

Take advantage of the fact that you are healthy and have not had a diagnosis to buy one of these policies. It all depends on your budget. If you can afford $20, $30, $40, $50 per month, you can get the benefit that fits that budget.

Get a specialist in your area to help you with this policy, and if you don't have someone, call us at Avila Medicare Solutions. All you have to do is let us know how much you can or want to invest per month, and we will help you find the ideal policy.

Our local number is 512-520-5957 or you can call us on our toll free number which is 855-GO-AVILA. We are here to serve you.