Page 12 - aruba-today-20230928

A12 BUSINESS
Thursday 28 sepTember 2023
Shopping for Medicare Advantage: 6

pitfalls to avoid

$0-premium plans they
tend to have fairly con-
fined networks,” says Emily
Gang, CEO of the Medi-
care Coach, a site that
provides Medicare guid-
ance. “You want to dou-
ble-check that your doctor
is actually an approved
provider in that network.”
Ask your providers what in-
surance they’ll be accept-
This Nov. 8, 2018 file photo shows a page from the 2019 U.S. ing in 2024, suggests Sarah
Medicare Handbook in Washington. Murdoch, director of client
Associated Press services for the Medicare
Rights Center, a nonprofit
By KATE ASHFORD of Nerd- care Advantage, under- consumer advocacy orga-
Wallet stand that it’s not the same nization. It’s easier than try-
Only 3 in 10 Medicare ben- thing as government-pro- ing to check each plan’s
eficiaries shop around dur- vided Medicare. It offers network individually.
ing open enrollment, ac- the same benefits, but 3. NOT CHECKING YOUR
cording to a 2022 analysis Medicare Advantage is DRUG COVERAGE
from KFF, a health policy run by private health in- Like network providers,
nonprofit and only 1 in 10 surance companies and it drug coverage can also
Medicare Advantage en- operates differently. change each year. Your
rollees voluntarily switch “You are essentially taking drug plan might cover one
plans. the Medicare coverage of your medications differ-
But a 2020 analysis of that you’ve been provided ently in 2024, leaving you
Medicare Advantage plan by the government and with more out-of-pocket
choices by the National turning that in,” says Me- costs than you expected.
Bureau of Economic Re- linda Caughill, co-founder “If you take even one
search found that more and CEO of 65 Incorporat- brand name medication,
than half of beneficiaries ed, which offers Medicare your need to compare
overspent by more than guidance. plans is incredibly high,”
$1,000 due to the plan they You can switch back to Caughill says. No brand
selected. Original Medicare during names on your list? Shop
Medicare open enrollment each year’s open enroll- around if you take five or
is Oct. 15 to Dec. 7, giving ment period, but you may more medications in gen-
people with Medicare a not be able to qualify for eral.
chance to change plans an affordable Medicare 4. BUYING FOR THE DENTAL
for the upcoming year. Supplement Insurance, BENEFITS
Although potential Medi- or Medigap, plan once Medicare Advantage
care Advantage enroll- you’re past the one-time plans usually include ben-
ees may be swayed by $0 Medigap open enrollment efits that aren’t part of
premiums and extra perks period. (Medigap helps Original Medicare, such
like vision and dental cov- with certain out-of-pocket as dental, vision or hear-
erage, there are more im- costs not covered by Origi- ing coverage. These extras
portant features to explore nal Medicare.) may be appealing, but
when you’re choosing next 2. ASSUMING YOUR DOC- don’t let them steer your
year’s coverage. TORS ARE IN NETWORK plan choice.
Here are some practices Medicare Advantage “First of all, it’s health in-
to avoid as you shop for plans operate within net- surance so how is it going
Medicare Advantage this works of medical provid- to cover your health care
fall. ers, and you usually must providers and your medi-
1. THINKING MEDICARE see in-network doctors for cations?” says Katy Vota-
ADVANTAGE IS MEDI- covered care. va, who holds a doctorate
CARE “A lot of people don’t re- in health economics and
If you’re considering Medi- alize that especially those nursing and is president
and founder of Goodcare,
a consulting firm focused
on the economics of Medi-
care. “If you pick (your
plan) for a benefit that isn’t
health insurance, you’re
often picking wrong. And
the dental benefit is pretty
limited in all these plans it’s
a couple of cleanings and
some bite wings.”q