Whether you have Medicare Advantage or a Medicare Supplement Insurance plan for traditional Medicare Parts A and B (original Medicare) depends on your preferences and circumstances. Each type of coverage has its own tradeoffs; for example, a smaller network in exchange for more coverage or extra benefits.
Medicare advisers Whitney Stidom, Director of Sales Operations at eHealth, and Richard Cantu, founder and president of GoMedigap, offer tips to help you get the most value from your coverage, regardless of which type of plan you choose.
What’s a common mistake that Medicare Advantage members make with coverage?
A lot of people assume all their doctors are in network. Medicare Advantage plans usually have smaller networks than traditional Medicare Parts A and B, so you should confirm whether your doctor is in network before signing up.
If certain doctors aren’t in network, you have the right to ask them to join, but they often decline.
You can also get a list of participating doctors from your insurance provider or call them to find a participating doctor.
What can members do if a prescription isn’t covered by their new plan?
When you join a new plan, all your medications are covered during the first 90 days, whether they’re on the formulary or not, so fill all prescriptions right when you start your new plan. After those 90 days, you’ll have to switch to a covered alternative. Medicare Part D plans, including Medicare Advantage plans with a drug benefit, must cover at least two alternative medications within the same therapeutic class. You have the right to request an exception if the alternatives don’t work for you.
What might people not know about Medicare Advantage plans?
They often include dental, vision and hearing (DVH) coverage, either built into your plan or as an optional benefit. If your plan doesn’t currently include DVH, call your insurance agent to ask about whether adding it is possible.
You may also pay less for your medications by ordering them through the mail. Many plans have no copays when you mail-order a 90-day supply of maintenance medications.
Another good way to save money on medical expenses is to prevent them before they happen. You should take advantage of the many preventive services Medicare covers, including yearly wellness visits, exams, screenings, shots and lab tests.
Ask your doctor which of these services are right for you. If you have transportation issues, 39 percent of Medicare Advantage plans include nonemergency rides to the doctor, according to the AARP.
What happens if a Medicare Supplement Insurance company unexpectedly increases premiums?
