There are a couple more common mistakes to go over and advice on how to avoid these issues when it’s time to switch to Medicare.
In Part 1 of Common Medicare Mistakes and How to Avoid Them, we discussed some ways in which Medicare can be made more affordable for those who might be living with limited income or need to take a little bit of the financial burden off of their Medicare policy. Another important factor that needs to be considered and often leads to some confusion is the differences between Original Medicare and Medicare Advantage.
Not Comparing Original Medicare & Medicare Advantage
While many people end up with either Original Medicare or Medicare Advantage based on what their job offers when they turn 65, it’s best to compare the options if you have a choice. While they are similar in many ways, they have some key differences that need to be understood before you choose which one is right for you.
For instance, Medicare Advantage is offered by private insurance companies. They set Advantage plans up as packages rather than offering benefits à la carte style, and Medicare Advantage plans can cover other healthcare needs such as vision and dental care. However, you cannot apply for a Medigap policy if you have Medicare Advantage. There are other differences, and it’s important to know what those are before you choose one or the other.
Not Making Sure Your Doctor is in Your Medicare Advantage Network
Another common mistake is choosing a Medicare Advantage plan without making sure your current doctor or specialist is in-network. With Original Medicare, you can usually see any doctor as needed or visit a specialist through referral. However, with Medicare Advantage, available doctors are determined by whether they are in-network or out-of-network. If you are already receiving care from a trusted doctor or specialist and you are considering a Medicare Advantage plan, you need to make sure that your doctor is in-network. If they are out-of-network, you will have to pay higher out-of-pocket costs in order to receive care through them.
Not Knowing Your Out-of-Pocket Costs
With any health insurance, you need to know what your out-of-pocket costs are going to be in order to determine which plan is best for you. With Original Medicare, there is no cap on out-of-pocket costs. Due to this, it can be difficult to determine costs over the year, but you can at least know what your monthly premiums are, along with your deductible, copayments, and coinsurance costs. Medicare Advantage plans, on the other hand, have a cap on out-of-pocket costs. This can make it much easier to determine whether a plan is right for you, but make sure you also know how those costs are determined per visit so that you don’t get surprised by a big bill.
Avoid these Medicare mistakes to ensure that you get the right care and the best coverage for you.
Contact Aging Benefits Advisory Today!
If you need help navigating the world of senior health insurance, our advisors at Aging Benefits Advisory are here to assist. Take advantage of our free consultation to ensure that you receive the plan for your budget and needs. We specialize in Medicare Advantage, Medicare Supplements, Dental, Vision, and Final Expense insurance for the senior market of Pinellas County, Pasco County, Manatee County, Hillsborough County, Polk County, Sarasota County, Citrus County, and Marion County, Florida. If you would like a free consultation, contact us online or give us a call at 727-266-0355. For more information, follow us on Facebook, Pinterest, and YouTube.