Are you getting the most out of your Medicare plan? We recommend reviewing your Medicare policies every year during the Annual Enrollment Period (October 15 to December 7) to ensure that your plan is providing you with the coverage and benefits you deserve.
There are many different plans available, most commonly broken out into two categories: Medicare Advantage plans and Medicare Supplement Insurance Plans. This article will focus on Medicare Advantage plans. Here are some of the common reasons why people choose to switch their Medicare Advantage plan:
Low monthly premiums
Many Medicare Advantage plans offer low monthly premiums. This allows you to save money up front and only pay copays for medical services and prescriptions as you receive them. While plan premiums differ depending on where you live, many offer zero-dollar premium plans that still offer rich medical benefits.
Maximum out-of-pocket costs
You may be thinking it would be great to save money up-front in premium with a Medicare Advantage plan, but what happens if you need to use your plan? Will your out-of-pocket costs be capped? The answer to this is… yes! Each Medicare Advantage plan has a “maximum out-of-pocket.” If your copays would ever add up to this amount, your plan would cover 100% of your medical costs for the remainder of the calendar year. As each plan varies, it is important to find a plan whose maximum out-of-pocket costs are realistic and reasonable based on your financial and medical situation.
Extra benefits
If dental, vision, and hearing benefits are important to you, you’re in luck! Medicare Advantage plans may offer additional benefits that assist you in paying for your dental, vision, and hearing needs. Some plans include gym memberships and offer over-the-counter benefits to help pay for vitamins and other needs. Dental care is important for your overall health and well-being, but it is not covered by Original Medicare. If your current plan does not offer dental coverage, or if you are unhappy with the dental services you receive, you may want to switch to a plan that does.
Drug coverage
Most Medicare Advantage plans include prescription drug coverage, which helps lower the cost of your medication. Not all plans cover the same drugs at the same cost, so it’s important to review your plan yearly to ensure that you are receiving your medications for the most cost-effective amount. If your plan does not cover the drugs you need, you have the choice to switch to a plan that offers better drug coverage.
Shopping your coverage
Shopping or re-shopping your Medicare Advantage plan can seem overwhelming. All the choices available to you in your area make choosing the right plan for you a daunting task. Luckily, you do not have to do it alone. The team at URL Insurance Group is dedicated to finding the right plan for you. They look at your current network of doctors, your medications, and the benefits that are most important to you and find plans that match your needs. Please don’t hesitate to attend an upcoming Medicare 101 Seminar or call 717-323-2000 and speak to Olivia Adkins or Eric Colello from the URL Insurance Medicare team to help you find the benefits you deserve.
