Upon reaching the age of 65, you’ll be eligible for a government-run program called Medicare. This program offers health insurance with much cheaper premiums compared to a private individual health plan. However, Original Medicare may not provide all the benefits that you need, such as an out-of-pocket maximum. Luckily, insurance companies provide a better alternative program, called Medicare Advantage. Here are three smart moves you can make to take full advantage of Medicare Advantage.
Switching to Medicare Advantage
If you’ve already enrolled in Original Medicare, you can still switch to a Medicare Advantage plan. However, you need to take note that you can only do so during the enrolment period from October 15 up to December 7. After you joined Medicare Advantage, your old Medicare program will expire on its own.
Some people try to utilize their right to switch programs further by signing up to the cheaper Original Medicare when their health is in a good condition. Later when they need more coverage due to age and diseases, they would join Medicare Advantage.
Getting Medicare Advantage from the start
You can choose between Original Medicare and Medicare Advantage during the initial enrolment period. It starts three months before your 65th birthday and it will last for 7 months. Always consider both your needs and the difference between the two programs before making your decision.
Medicare Advantage usually has drug coverage, out-of-pocket limit, and it may cover extra services such as vision and dental care. However, if you join this program you’ll have to pay both Medicare premiums as well as the plan’s premium. Furthermore, you’ll only be able to use doctors and hospital in the plan’s network.
Switching between Medicare Advantage plans
There are several kinds of Medicare Advantage plan, and they all contain different coverage. For instance, you might be uncomfortable with your current Health Maintenance Organization (HMO) Plan because you can only get services from a limited number of doctors and hospitals. During the same enrolment period mentioned above, you can switch to a Preferred Provider Organization (PPO) Plan or a HMO Point-of-Service Plan to get rid of this limitation for a higher premium price.
In conclusion, having knowledge in the benefits of Medicare Advantage compared to the Original Medicare as well as the difference between Medicare Advantage plans will help you decide for a plan that would suit you best. If you’re interested in signing up or switching to our Medicare Advantage plans, feel free to contact us.
At Dave Silver Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. To learn more about how we can help you, please contact our agency at (941) 907-2879 or Click Here to request a free quote.