You might already know that there are several Medicare advantage plans available, all made for different kinds of individuals with different kinds of needs. Some cover some expenses, while others cover for other expenses. Based on what´s being covered, you might feel like you have made the right decision and already chosen a Medicare advantage plan that is best for you. Did you know that there are tips and tricks on how to save money on Medicare advantage plans too? Here is all that you need to know!
You might be allured by the fact that a certain advantage plan has a lower premium rate. However, this is the first thing you need to closely pay attention too. Some advantage plans offer a lower premium rate and might seem more affordable; however, they will have high co-payments. If you are a healthy human being, this would save you money, because having to pay for a co-payment might not happen as often. However, some health conditions cannot really be predicted and even the healthiest person can need health care, all of a sudden. This is why low premium rates should only impress with you with caution. What might seem cheaper, can cost you more in the long-run.
Another important factor you need to know, is that a Medicare advantage changes with time. What might have been the best affordable option once, might not be the best option now. There are more and more health insurance companies, offering new kinds of plans with different kinds of premium rates. Some make the mistaking of always sticking to one particular plan. However, especially with the new year coming, professionals strongly advice on looking at other options and checking each year whether the plan you are already enrolled to is also the best one for you.
Also, make sure to check the network each year! Networks change too! A health care provider that might have been within the Medicare coverage range and that might not have charged you any excess charges, can begin to charge these in the coming year! Making sure is only a phone call away, so it is always better to be certain, before having to pay for excess charges that could have easily been avoided.
Choose wisely during your Medicare open enrollment period. This is one of the most important tips that can save you a lot of money on Medicare advantage plans. During open enrollment period, you have six months to choose any advantage plan that you want, at a lower cost. This is because during this time, the health insurance company will not be able to look at your medical conditions and base the price upon it. If you miss your chance and decide to enroll to a Medicare advantage plan later, you might get a premium rate that is much, much higher, leaving you paying a monthly premium rate that you could have avoided. Timing is everything when it comes to Medicare!