Do Your Research Before You Enroll -
Medicare Coverage and Insurance Options
Glen McNew, MBA - PRO PT
For most of our lives, the
decision of what medical insurance to carry is easy. Our choices are often
limited by what insurance our employer carries. When it becomes time to
retire, that’s when the flood of different Medicare coverage options and
replacement plans begins and the confusion can be
overwhelming. From telemarketing calls
to Joe Namath on TV, you will be presented with some amazing deals. You will
get many offers with varying perks and varying price tags, but it’s the coverage
limitations and hidden costs that are most important to consider. Below are
some helpful tips when trying to choose a Medicare plan.
- Traditional Medicare is
always a safe option. Low cost, low deductible, and good, standard
coverage with multiple affordable supplemental coverages available.
- Ask the representative
to send you the entire plan and then read it. There are often hidden
costs and coverage limits with many medicare
replacement plans. There may be higher co-pays for different medical
needs and deductibles can be increased without notification. Don’t be
surprised at the out-of-pocket costs after you’ve already switched.
- Look at your past
medical needs and see what coverage each insurance offers for those
needs. Compare these costs with the traditional Medicare plan. Is the
lower monthly premium really saving you money?
- Talk to your
physicians, healthcare providers, and their billing teams. Have a
conversation about your future medical needs, if they accept the plans
you’re considering, and any other insights they can provide. Use their
working knowledge to help you make a more informed decision about what
coverage to choose.
- Lastly, remember as
with many things “you get what you pay for” and “if it sounds too good
to be true, it probably is.”
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