Monday, October 11, 2010

Medicare Advantage Do's and Don'ts

Now more than ever it is imperative that you do your due diligence when it comes to selecting your Medicare coverage.  I have compiled a quick and concise list of do's and don'ts that should help you when selecting the best Medicare coverage for your situation.

  • Do review all of the available plans on Medicare.gov before signing on the dotted line. 
  • Don't sign up over the phone.  And I mean NEVER
  • Do check your drugs against the formulary to confirm coverage and pricing.
  • Don't sign up for a plan based on ancillary benefits (gym membership, dental, etc...)
  • Do check Physician and Hospital directories to confirm your preferred providers are listed.
  • Don't take the plan's word for it that the doctor is in the plan or accepts the plan.
  • Do call your doctor and have them confirm they accept the plan. (This can be tricky because you could get someone who is ignorant on the phone.  Always ask to speak with the person who files the insurance!
  • Don't settle for inadequate coverage. 
  • Do look at maximum out of pocket or MOOP for each plan to determine your worst case scenario.
  • Don't let a captive agent (one who represents only one company) talk you into their plan
  • Do look at the co-pays that would likely apply to you over the next year when making your decision
These are the must do's and don'ts when choosing the Medicare coverage that makes the most sense for you.  Keep checking back for more hints and tips!

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