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3 Questions To Ask Before Buying A Medicare Advantage Policy

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Are you approaching retirement? If so, you're likely making many important decisions right now. One of the most important you'll make is how to cover your healthcare costs after you leave the working world. Medicare is a valuable resource for retirees. There are several parts to Medicare. However, it generally covers at least some of the costs of hospitalizations, doctor's visits, prescription drugs, and more. You can also choose a Medicare Advantage policy, which is health insurance through a private insurance company instead of the government. Medicare Advantage policies generally include everything traditional Medicare covers, plus additional treatments and services. There are many different types of Medicare Advantage policies. Below are a few questions to ask so you choose the right one for your needs.

What is covered?

Coverage is the main differentiator between original Medicare and Medicare Advantage. Advantage policies cover hospitalizations, doctor's visits, and prescription drugs. But they may also cover things like dental, vision, physical therapy, mental health, and even elective treatments like massages or cosmetic surgery. Every policy is different, so review the coverage before choosing. You don't want to pay extra for services and treatments you won't use. 

What are the costs?

Medicare Advantage policies have a variety of different pricing structures. Some have higher premiums but lower deductibles and copays. Others have lower premiums but higher deductibles and copays. If you are relatively healthy, you may consider a plan with low premiums and high deductibles. However, if you have chronic health issues requiring regular treatment or take pricy prescription drugs, choosing a policy with higher premiums and lower copays may be better. There are plenty of different policies available for every budget.

Which doctors are in the network?

When you choose coverage through original Medicare, you can visit any doctor that takes Medicare, which is nearly all of them. When you choose Medicare Advantage, you can only visit doctors in that plan's network. Check the network list to make sure you can keep seeing your doctor. This is a particularly important question if you live in a rural or secluded area with few healthcare providers. You don't want to choose a plan only to find out there aren't any doctors near you in the network. Also, if you have a health condition that requires treatment from a specialist, be sure there are doctors in that field in your Medicare Advantage network.

Ready to get started on the next phase of your retirement? Contact a Medicare insurance agent today to see whether a Medicare Advantage policy is right for you.