Google has become a household word, as a noun and even as a verb. But the multinational tech giant specializes in a variety of internet services and products has recently expanded into another market that, with the aging of the baby boomers, is also becoming a household word: Medicare.
Alphabet, the parent company of Google has invested $375 million in Oscar Health, a six-year-old health insurance company that focuses on incorporating technology into healthcare.
Oscar Health will use the money to create new Medicare Advantage plans. Medicare Advantage (also known as Plan C), is a Medicare plan that is offered by a private company approved by Medicare. The big names in healthcare, such as Blue Cross and Blue Shield, Aetna, and Humana, have already invested heavily in the Medicare Advantage business.
Medicare Advantage is an increasingly popular choice among Medicare participants. Currently, approximately one-third of Medicare beneficiaries opt for Medicare Advantage, but the Centers for Medicare and Medicaid Services (CMS) predicts that this percentage will increase to 50% by 2025.
Medicare Advantage is also where much of the innovation in Medicare takes place. Starting in 2019, Medicare Advantage plans are broadening benefits to include supplemental benefits, such as transportation to doctor’s appointments.
There are already more than 3,500 different Medicare Advantage plans on the market, though not every plan is available in every location. And with the entrance of Google and Oscar Health to the field, we can expect the numbers — and the innovation — to grow.
At Atlantic Coast Healthcare and Rehabilitation Center, in Lakewood, NJ, we embrace innovation. Our SMART Rehab program uses state-of-the-art therapy equipment, and individualized care protocols. Other rehab programs offer their clients therapy only three days a week, while we feature seven-day-a-week therapy for rapid healing and the best clinical outcomes. And we do it all in a modern facility designed to pamper our residents.
Or better yet, come see for yourself: Contact us to schedule a tour by calling 732-364-7100, or by clicking here.