Understanding Medicare Advantage Plans
Medicare Advantage plans are a great, affordable option for many people with Medicare. There are several types of Medicare Advantage plans, including HMOs, PPOs, and SNPs. The cost and coverage for each plan vary greatly, so it’s important to do your research and work with an agent experienced in Medicare plans in your area.
Lower Your Medicare Costs
Similarly to gas prices and rent, healthcare costs are rising. In 2022, CMS announced the largest Part B premium increase in the program’s history. Seniors are feeling the pinch as prices sharply increase. Fortunately, there are programs designed to assist with the rising cost of healthcare.
Costly Medicare Mistakes to Avoid Part 2
An election period is a specific time when you can make changes to your insurance plan.
Medicare Advantage and Part D members have two periods each year to review their current coverage and change to a different plan if desired.
Annual Election Period Timeline
Each year Medicare members can make changes to their Medicare Advantage or Part D plans during a period known as the Annual Election Period (AEP).
This election period is for individuals enrolled in a Medicare Advantage or Part D plan. If you have a Medigap (also called a Medicare supplement) plan, AEP is when you can change your Part D plan or switch to a Medicare Advantage plan.
Part D Basics
Medicare Part D is coverage for outpatient prescriptions. Anyone with Medicare can elect to enroll in a Part D plan. All plans must cover many drugs commonly prescribed to people on Medicare.
Let’s look at some important things you need to know before choosing a Part D plan.
5 Surprising Things Medicare Doesn’t Cover
Many people assume that Medicare will pick up their healthcare costs when they retire. Unfortunately, this mistake can create big problems when a senior goes in for a procedure and ends up with an unexpected bill.
While Medicare has some pretty surprising gaps in coverage, private insurance plans can help cover those gaps. If you are interested in additional coverage to help with your Medicare, Medicare supplements and Medicare Advantage plans are good options.
Medicare’s Star Rating
Medicare gives each plan a score on a scale of 1 to 5. These scores are based on various performance metrics. Under Medicare’s scoring system, a 3-star plan would be considered average and a 5-star plan would be considered excellent.
When Can You Change Medicare Health Plans?
Most Medicare beneficiaries are aware of the Annual Enrollment Period, the time of the year when many Medicare Advantage and Part D plan members review their coverage and check out different plans. Due to certain circumstances, there may be other times during the year when Medicare members can make a change to their health plan coverage.
Three Tips to Help You Get the Most From Your Medicare Plan
How do you know if you are getting the most from your Medicare plan? Read on for three quick tips to help you make sure you are using all those extra benefits you are entitled to.
What “Extra” Benefits Does Your Medicare Plan Offer?
To get the most from your Medicare health plan, you must know what it covers. Some Medicare Advantage plans offer “extra” benefits in addition to their medical coverage.