Healthcare crudités
Dr. Oz, a television health expert, former Senate candidate, and medical doctor, has been nominated for the position of Administrator of the Centers for Medicare and Medicaid Services (CMS). If confirmed, he will have significant control over how the federal government manages healthcare. In this role, he will oversee not only Medicare and Medicaid but also the Children’s Health Insurance Program (CHIP), which collectively covers 145 million Americans. One of his primary goals, like that of many other Republicans, is to reduce healthcare costs by shifting some responsibilities from the public sector to the private sector. He appears to aim to achieve this through Medicare Advantage.
What is Medicare Advantage? Medicare Advantage, also known as Medicare Part C, is a type of private healthcare coverage. It combines Medicare Part A, which covers hospital visits, and Medicare Part B, which covers doctor visits and may include drug coverage and additional benefits such as dental, vision, and hearing care. While this plan can be a better option for some individuals, it also comes with certain drawbacks.
Approximately 54% of Medicare beneficiaries are currently enrolled in Medicare Advantage. Many seniors find the appeal of lower premiums and additional benefits not offered by traditional Medicare to be particularly attractive. However, there are some drawbacks to consider. These include limited doctor networks, geographical restrictions, extra costs such as copayments, and the difficulty of switching out of the program. Additionally, the authorization processes for certain treatments can be lengthy. As the Trump Administration contemplates reducing healthcare cost by boosting of Medicare Advantage, some individuals may choose to take advantage of these programs, while others may not. I plan to follow up on the results to see if there is a successful increase in enrollment in Medicare Advantage.