3 Mistakes to Avoid When Choosing a Medicare Plan
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3 Mistakes to Avoid When Choosing a Medicare Plan

If you're a senior, it's important to have comprehensive medical insurance coverage. But with so many options available to you, it's hard to know if you're making the right choice. Since around 10,000 Americans over the age of 65 enroll in Medicare for the first time every single day, it's important to be armed with accurate information about these plans. Otherwise, you could be stuck with an expensive plan that doesn't cover what you really need.

For many folks, Medicare supplement insurance is a must. Also referred to as Medigap insurance, there are several Medicare supplement insurance options available to you. But whether you go with an original Medicare plan or choose to work with a supplement insurance company in addition to your base policy, there are certain mistakes you need to avoid making. Here are just three of them:

  1. Not understanding the differences between plans

    If you're new to Medicare, grasping the differences between certain types of plans can be a challenge. But original Medicare is quite a bit different from a Medicare Advantage plan. With an original Medicare plan, you'll be signing up for a fee-for-service type of policy. Some seniors will cover the gaps in this type of plan with a Medicare Advantage or Medicare supplement insurance plan. Original Medicare plans will allow you to visit any doctor who takes this type of insurance, but a Medicare Advantage plan will typically let you visit only a certain network of doctors. The Medicare website is a very helpful source in dissecting the differences between the plans available to you.

  2. Picking a random plan out of frustration

    Granted, picking a medical insurance plan can be overwhelming. But the last thing you want to do is choose a plan at random just to get the process over with. Make sure you give yourself enough time to really compare plans and choose one that makes the most sense for your needs. If you're too hasty in choosing a plan (or choose one just based on cost), you'll likely end up paying more and won't have the coverage you really need. To reduce stress, start the process early and ask for assistance if you need it.

  3. Assuming you're covered

    Medicare plans may cover a lot of services, but they may not cover exactly what your specific circumstances require. The majority of original Medicare plans won't cover dental or vision, and long-term care and assisted living expenses aren't usually covered either. To fill in the gaps, most people find it worthwhile to get a Medicare supplement insurance plan, which can be particularly helpful for copayments and deductibles. Be sure to do your research and know exactly what your plan covers (and what it doesn't). Otherwise, you may be stuck with medical bills that are higher than they need to be.

If you're a senior or soon-to-be senior in need of supplemental Medicare insurance plans, Bankers Fidelity is here to help. We can help you choose a supplement plan that works for your financial and wellness needs. For more information, contact us today.

Sources:

Medicare.gov

Grandparents.com, via Huffington Post

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