Three Things to Consider When Shopping for a Medicare Advantage Plan
October 05, 2023 | Tags:
Navigating the Medicare Annual Enrollment Period and choosing the right Medicare Advantage plan can be difficult — and sometimes confusing. With so many options and plans to choose from, it can be difficult to know which one is best for you. However, there are things to consider to help narrow down the information and find the right fit.
If you are shopping for a Medicare Advantage plan, here are three key things to consider during the Annual Enrollment Period to help you find the right plan for your lifestyle, health needs and budget.
Medicare Advantage Must-haves
- Make sure your doctors are in the network. Medicare Advantage plans have networks of providers, and many plans require you to get all your care from providers who are part of their network. Review the plan’s provider directory to see whether your doctors are covered.
- Make sure your prescription drugs are covered. Many Medicare Advantage plans include Part D prescription drug coverage, so it’s smart to check if your medications are included and how much you will pay for them. It is also a good idea to consider which pharmacies are part of the plan’s network and whether they offer any mail-order options for additional savings.
- Get access to extra programs that keep you healthy. Medicare Advantage plans often include extra benefits to help you manage chronic health conditions, maintain an active lifestyle or find additional savings. Examples of these programs include fitness memberships; dental, vision or hearing coverage; access to health coaching, tobacco cessation or other wellness services.
As you compare Medicare Advantage plans based on coverage and costs, you should also consider their quality ratings. Look for plans that offer affordable monthly premiums, copays and coinsurance, low out-of-pocket maximums, as well as high Star ratings.
Every year, the Centers for Medicare and Medicaid Services evaluates plans and awards each plan a Star rating. Ratings are based on things such as customer service, member experience with the health plan, and how the plan helps members stay healthy by offering access to preventive care. You can find information on a plan’s Star ratings when comparing plans on Medicare.gov or by watching our video outlining the significance of CMS star ratings.
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