How to Choose the Best Florida Medicare Advantage Plan
Every year, Medicare recipients are allowed to switch from original Medicare to a different coverage model during the Annual Election Period (AEP), which runs from October 15 through December 7th.
It’s important to know that if you currently have a Medicare Advantage or Medicare Supplement plan in effect currently, it will continue to roll over into the following year. Same applies to stand-alone drug plans.
Medicare Advantage plans aren’t right for everyone, but they can save some folks substantial money. How do you go about choosing the best Medicare Advantage plan?
Consider Your Doctors
Chances are you’ve found doctors you like, and who know you, your particular medical history and you’d like to keep them. Make sure you look at the particular network the Medicare Advantage plan you’re considering uses, and look up your doctors to make sure that they are members of that network. Keep in mind that Medical providers and doctors can drop out of a PPO or HMO Medicare Advantage plan without any timely notice to you.
Most Medicare Advantage plans use either Preferred Provider Organization (PPO) or Health Maintenance Organization (HMO) networks. HMOs often do not pay anything for care obtained outside of their network, so make sure you carefully consider this when selecting a plan.
Look at the Deductibles, Coinsurance and Copayments
Sometimes you’ll think that a plan offers a good deal because the premium is low, but in reality it’s because that plan has a much higher deductible or high max-out-of-pocket. Deductibles, copayments, and coinsurance can add up substantially throughout the year, so consider all of them when looking at a plan.
Consider Wether Your Drugs are Covered and the Copays
Most Medicare Advantage plans incorporate coverage for prescription drugs, something original Medicare doesn’t do. So one of the steps in your process for evaluating Medicare Advantage plans is to consider the list of drugs you rely on, and check the formulary of the company that you’re considering. Also consider how the copay features for those drugs, because depending on the coverage method they use, you might still be paying a substantially large sum out of your own pocket for your medications.
Check Out the Ancillary or Added Value Benefits
Many Medicare Advantage plans offer additional coverage for things like vision and dental care, as well as membership in health club facilities. If these additional benefits are important to you, be sure to evaluate that part of the plan you’re looking at as well, while you’re making your decision.