Finding the right Medicare Advantage plan can be difficult but it doesn't have to be. vary These three tips, will help your search go much smoother.
So you’ve just hit Medicare age, looking at your options or considering a change from Original Medicare. Maybe it’s time to give Medicare Advantage, also called Part C, a try. These private plans combine Medicare Parts A and B into a single plan and can include additional benefits, like dental or drug care.
You start searching, and quickly realize there are so many options to choose from. Some with premiums, some without. Some with drug plans, others without. Each plan has so many features to sift through, that it can become a tough task. Luckily, there are a few key points to look for that will help you narrow down your chances.
Does it Cover Your Needs?
Above all else, you know what you need covered. Do you need drug coverage? Make sure it’s in the plan. Will you need inpatient care? If you’re unsure of what coverage you may need under your plan, a trip to your physician shouldn’t be out of the question. This is especially true if you haven’t taken advantage of your Welcome to Medicare or Annual Wellness visit. What good is a plan if it doesn’t meet your needs?
Beyond what’s covered, you’ll want to see where it’s covered. Most Medicare Advantage plans have a network, which is a group of health care facilities, providers, and suppliers that have contracted with your plan to provide care at a reduced cost. If you like the doctor you have, you’ll want to verify whether your physician is in the plan’s network.
Is the Price Right for You?
Finances are a big part of the discussion when it comes to health insurance and even more important if you’re retired and living on a fixed income. Plan costs vary depending on factors like benefits, location and coverage. Primary figures to consider with a Medicare Advantage plan are premium, deductible, out-of-pocket costs, and maximum out-of-pocket, or MOOP.
Premium — A recurring cost you pay each month for enrollment in your plan. Some Medicare Advantage plans have $0 premiums, meaning you don’t unless you use health care services.
Deductible — This is what you’ll need to pay out of pocket for health care services before your plan begins covering a portion of the costs. A low premium is often balanced by a high deductible and vice versa.
Out-of-pocket costs — Your plan may require a copay for doctor visits and may charge more for specialists or providers outside of the network.
Maximum out-of-pocket (MOOP) — This is the limit of eligible payments, like copayments and coinsurances, that you’re expected to pay that year. Once you’ve reached your limit, your plan will typically cover 100% of your expenses for the remainder of the plan year.
As with most things, the more research you put into your plan, the better.
Would you like the Help of a Professional?
Speaking of research, it’s can go much smoother with a licensed and caring professional. Your search may come down to a few plans that fit your needs exceptionally well or none may seem to fit. If you need advice an agent is an incredibly valuable asset.
You are one of a kind! And so is your health. What works for one person may not for another, so the information in these articles should not take the place of an expert opinion. Before making significant lifestyle or diet changes, please consult your primary care physician or nutritionist. Your doctor will know your own health best.
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