Are you preparing to file for Medicare? Filing for Medicare coverage is an important step in the retirement process. If you're like most workers, you've paid into Medicare for years. Now is your time to take advantage of the benefits and enjoy medical coverage after you stop working. Medicare can seem confusing at first. There's traditional Medicare, which comes with various parts with different coverages. There's also Medicare Advantage, offered through private insurers, and provides the same coverage as Medicare but usually with additional coverage and price flexibility. There are many different types of Medicare Advantage plans. Below are a few questions to consider as you search for the right plan.
Can you keep your doctors and medications?
Just like traditional employer-based healthcare plans, Medicare Advantage plans usually have networks of healthcare providers. You can ask for a list of providers before you commit to a plan. That way, you can ensure you can keep seeing your physician or a specialist you like. Also, check the list of covered prescriptions. If you're on a regular prescription, you must ensure it is covered. Most plans cover the most common prescriptions. However, it is still wise to check before you end up with a plan that doesn't cover your drug.
What are the out-of-pocket costs?
Every Medicare Advantage plan has out-of-pocket costs like premiums, deductibles, and copays. However, those costs may be structured differently for various plans. Some plans will offer low premiums but have much higher deductibles and copays. Others may have lower deductibles and copays but higher premiums. Be sure to check out the pricing structure before making your choice. If you're relatively healthy, you may want a plan with higher deductibles and copays. If you regularly visit the doctor, paying a higher premium for lower deductibles and copays may be worth it.
What additional coverage does the plan provide?
Many retirees opt for Medicare Advantage because the plans often provide coverage that traditional Medicare doesn't provide. For example, traditional Medicare usually doesn't cover dental services, physical therapy, hearing and vision, and more. A Medicare Advantage policy may cover these types of care and all the services that Medicare traditionally covers. Take your time to explore different policies and find the level of care that is right for your needs. Hearing and vision coverage is likely important if you need glasses or a hearing aid. If you're active, you may want a plan with a wellness component that rewards you for staying physically fit. There are many types of Medicare Advantage policies for all needs and lifestyles.
Ready to start your journey with Medicare? Contact a Medicare Advantage agent in your area today. They can help you find the right plan for your needs and budget.