Top 5 Mistakes to Avoid When Choosing a Medicare Plan

Posted by Amanda Shelley
Estimated Reading Time 2 minutes 12 seconds

Choosing a Medicare plan is an important decision that can impact your health care and your budget. With so many options available, it is easy to feel overwhelmed or make choices that may not fully meet your needs. Let’s discuss the top five mistakes to avoid when selecting a Medicare plan.

1. Not Reviewing All Your Options

Many people simply stick with the same plan year after year without reviewing other available options. Medicare plans can change annually, and what worked last year might not be the best fit this year. Networks, monthly costs, copays, and covered medications can all vary from one year to the next. Take the time to review different plans during the annual enrollment period to ensure you are getting the most value and coverage for your situation.

2. Ignoring Prescription Drug Coverage

Prescription drug costs can add up quickly, especially if you take multiple medications. Whether you are choosing a Medicare Advantage plan with drug coverage or a standalone Part D plan, it is important to look closely at the formulary. This is the list of medications the plan covers. Not all drugs are covered equally, and some plans may require prior authorization or have higher copays for certain prescriptions. Make sure the plan you choose covers your medications at a reasonable cost.

3. Choosing Based on Cost Alone

It can be tempting to pick the plan with the competitive monthly cost, but that choice may not maximize your budget in the long run. Plans with lower out of pocket costs may have higher cost in the long run, fewer covered services, or limited provider networks. It is important to look at the full picture, including deductibles, copayments, and the total cost of care.  A slightly higher premium might actually save you money overall if the plan offers better coverage.

4. Overlooking Provider Networks

If you have doctors or specialists you prefer, make sure they are in the plan’s network. Some Medicare Advantage plans have narrow networks, meaning you could end up paying more or needing to switch providers if your doctor is not included. Always double-check the provider list before enrolling to ensure your current healthcare providers are part of the plan.

5. Not Asking for Help

One of the biggest mistakes people make is trying to figure everything out on their own. Medicare can be complicated, and there is no need to navigate it alone. Licensed insurance brokers can help you review plans, understand your options, and find coverage that suits your unique needs. Best of all, working with a licensed insurance broker is a free service.  You do not pay extra for our help, and we can often uncover options you may not have considered.

Remember: There is no need to rush the process. Take the time to review your options, look beyond costs, and get help from a knowledgeable source. Working with an experienced insurance licensed insurance  broker is free and can make the process of selecting a Medicare plan much easier and more effective. Contact us and connect with a licensed insurance agent as your enrollment window approaches, and let’s get started right away.