When looking for Medicare, it is important to ask the right questions—both of yourself and your insurance agent. Health insurance is one of the most important forms of insurance, and the wrong policy can leave gaps in your coverage.
What Coverage is Provided?
Not all Medicare plans are created equal. A basic Medicare insurance policy will cover typical medical bills, but they commonly exclude dental, vision and prescription drug coverage. Carefully consider what type of healthcare you need covered and ask if your insurance agent can provide this coverage for you.
Does it Fit in My Budget?
Paying too much for Medicare is an unfortunate trap that many people fall into. This insurance is designed to save you money, however, so make sure to get quotes from multiple sources and compare them with your budget to make sure you are saving money.
Will You Be Traveling?
Some Medicare Advantage plans provide coverage that is limited to certain areas. If you are a frequent traveler or vacationer, you will want a plan that covers you no matter where you go. However, if you don’t travel frequently, you may save money by sticking with a Medicare Advantage plan geared toward coverage in certain areas.
What Illnesses Do You Have?
If you were recently diagnosed with a new illness or disease, it is time to review your policy. Many policies have exclusions for certain illnesses or care, which you may need coverage for. If you discover that your current plan will not cover your new illness, it may be time to switch plans or insurers.
Do You Need Additional Coverage?
As with other insurance policies, there are additions you can attach to your Medicare Advantage plan to fill in gaps in coverage. If you need additional coverage, such as dental, vision, prescription drug costs and more, you may want to ask about additional coverages.
Are Your Prescriptions Covered?
Even if your plan has prescription drug coverage (Plan D), it may not cover all prescription drugs. Some prescriptions are excluded or have limited coverage under Medicare Advantage. Once you are prescribed a new prescription drug, check your policy and ask your insurance agent if it will be covered. The cost of prescription drugs can add up quickly, especially if you have multiple prescriptions.
If you have any questions about your plan, speak with your insurance agent about your options.