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.

 

 

 

 

  1. Traditional Medicare is always a safe option. Low cost, low deductible, and good, standard coverage with multiple affordable supplemental coverages available.
  2. 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.
  3. 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?
  4. 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.
  5. Lastly, remember as with many things “you get what you pay for” and “if it sounds too good to be true, it probably is.”