The cost of food has been high these past couple of years thanks to persistent inflation. That's been difficult for consumers of all ages. But it's been particularly tough for seniors, many of whom live on a tight, fixed income that consists largely of Social Security.
If you've been struggling to put food on the table, you should know that there may be help available in the form of government benefits. But the right Medicare plan might also come to your rescue.
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Food benefits are on the rise for Medicare Advantage plans
Medicare eligibility begins at age 65. From there, you have a choice. You could stick to original Medicare, which consists of Part A (hospital care), Part B (outpatient services and diagnostics), and Part D (prescription drugs). Or, you could sign up for a Medicare Advantage plan instead.
Think of Medicare Advantage as your all-in-one solution to your healthcare needs. There are benefits and drawbacks to enrolling in Medicare Advantage over original Medicare. But one thing you should know is that for some people, Medicare Advantage is the more cost-effective option.
You should also know that many Medicare Advantage plans offer supplemental benefits beyond what original Medicare will cover. Original Medicare, for example, will not pay for dental treatment, hearing aids, or eye exams, whereas it's common for Medicare Advantage plans to cover these services.
Another benefit you might find as part of your Medicare Advantage coverage is access to financial assistance for food and produce. A recent analysis from consulting firm ATI Advisory finds that in 2024, 1,475 Medicare Advantage plans will offer this benefit, up from 1,231 this year and up from just 101 in 2020.
How are Medicare Advantage plans able to offer this benefit? It's simple. Advantage plans can offer supplemental benefits that promote strong health and address existing health conditions. Since access to nutritious food has the potential to improve patients' health, it's easy enough to justify this benefit.
Should you sign up for a Medicare Advantage plan?
Right now, Medicare's annual open enrollment period is underway. Through Dec. 7, existing Medicare enrollees can make changes to their coverage, including switching from one Part D drug plan to another or switching from one Medicare Advantage plan to another. You can also decide to sign up for Medicare Advantage for the first time instead of sticking with the original Medicare.
If you've been having a hard time affording food, you may want to look at Medicare Advantage plans in your area and see what supplemental benefits they offer. That said, just because a given Advantage plan offers food benefits doesn't mean that you'll qualify for them. So make sure to do your research before signing up for coverage on that basis alone.
But all told, you may find that a Medicare Advantage plan allows you to save money on healthcare while expanding the scope of benefits you're eligible for. So, in that case, it pays to sign up for that coverage while you still can.
