How Well Are You Covered? Here are the Best Medicare Advantage Plan Options

posted by Chris Valentine
If you’re wondering just how well your family is covered by Medicare, now is the time to reassess your coverage before the new year.

There are many things about retirement that people look forward to. From traveling to becoming an expert in relaxation, retirement is everyone’s end goal.

Unfortunately, planning for retirement isn’t all fun and games. Once you’re at retirement age, you have to start to deal with things like Social Security and Medicare. There were 44 million Medicare beneficiaries in 2009, and that number is expected to grow to 79 million by 2030.

With all those retirees, there’s bound to be a multitude of plans out there. Are you feeling overwhelmed by all the options? Don’t worry, we’ve got you covered. Read on to learn how to find the best Medicare Advantage plan out there for you!

The Best Medicare Advantage Plan for You Should Have 5 Stars

The first thing you should know about Medicare Advantage plans is that they vary depending upon the state in which you live. That means that the great plan your friend in another state told you about may not exist in your state. Instead, you will need to sift through the plans your state offers.

So how do you know which ones are good? Medicare Advantage plans are all rated by Medicare.gov with a star rating system up to five stars. The factors considered in the rating include health plan responsiveness, member complaints, drug-plan customer service, and how they manage things like chronic conditions.

The very best plans have five stars. This elite rating is relatively rare, but good plans start around four stars, so don’t get discouraged.

Use The Plan Finder Tool to Select Coverage that Works for Your Needs

Not all five-star plans will meet your individual needs. What good is a five-star plan if you can’t use it? The main variations in plans will be whether they are HMO, PPO or PFF, and their prescription medication coverage – including the pharmacy where you get your prescriptions filled.

The best way to find the best Medicare Advantage plan for you is to use the Plan Finder tool to create a custom search for your needs. Start by entering your information, including your location. Then you’ll want to enter the names of all the medications you take, including the dosage and how often you take it. You’ll then be able to select a preferred pharmacy.

From there, you’ll receive a list of options. Look for plans that cover your prescription needs with the highest star rating.

You can also refine your search by placing caps on premiums and out-of-pocket costs.

Ready to Get Covered?

As you can tell, there’s not one plan that is the best Medicare Advantage plan for everyone. You have to look for a plan within your state that is a mixture of high-quality coverage and that is suited to your individual needs

Now that you’ve got your Medicare coverage sorted, you can get to work something more exciting, like wealth management! Just kidding, start planning your first trip as a retiree!

Need more helpful tips? Check out the rest of our blog for information about virtually any topic you can think of!

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