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How to Get the Most Out of Your Medicare Advantage Plan

During Medicare’s Annual Enrollment Period – Oct. 15 – Dec. 7 – you can review other Medicare plan options for 2023. Medicare Advantage (MA) plans offer great benefits and continue to be strong for next year. If you’re on a Medicare Advantage plan, you may wonder if you’re taking full advantage of its perks.  Below we’ve shared a few ways to help you get the most out of your MA plan.

Review Your Plan’s Summary of Benefits and Explanation of Benefits

Your insurance company provides you with a Summary of Benefits specific to your plan. This document outlines everything you need to know about your plan’s costs and coverage, so familiarizing yourself with this information is important. To obtain this document, you can download it from your insurance provider’s website. You can also call your insurance provider directly to request a paper copy. Or, you can call our team at RetireMed to request one via email. You can refer to the Summary of Benefits throughout the year when you need to know how much you will pay out of pocket for a service.

Your Explanation of Benefits (EOB), which is mailed to you by your insurance provider, breaks down how your plan covers the medical services you’ve received. Each time you visit your doctor or the hospital, you’ll receive an EOB from your insurance company and a bill from the facility where the service occurred. It’s important to look over your EOBs to make sure they correspond with your bills. If there are discrepancies, be sure to contact your provider and ask them to review the details of the bill with you.

Understand and Utilize Your Benefits

Medicare Advantage plans come with great benefits that offer convenience and can save you money. You may have access to benefits such as dental, hearing, and vision coverage, an over-the-counter allowance, a fitness membership, flex benefit cards for dental, vision, and hearing services, or others. Your Summary of Benefits will explain all your plan-specific benefits, so be sure to refer to it.

If you have questions about benefits specific to your plan, our team is here to help!

Use Preventive Care

With any Medicare plan, you’ll have preventive care benefits that give you access to certain services at no cost to you. These can include annual wellness checkups, mammograms, prostate cancer screenings, and even vaccines such as the flu shot and pneumococcal (pneumonia) shot all at no extra cost. Taking advantage of preventive care can help you identify any health problems early on. You can review your preventive care services in your Summary of Benefits, by calling your health care provider, or by reaching out to our team.

Take Advantage of Your Plan’s Prescription Drug Coverage Features

Make sure to take advantage of your plan’s mail order pharmacy option. Mail order pharmacies help you save time by delivering prescriptions to your doorstep. They often charge lower copays for maintenance medications, which are typically tier 1 and tier 2 medications on your plan’s formulary. You can find out more about your plan’s mail order pharmacy by either reviewing your Summary of Benefits or by visiting your insurance provider’s website.

If you’re interested in using this feature of your plan, our team can help you set up your mail order account.

We’re Here to Help

If you have any questions, or if you’re interested in finding out more about Medicare Advantage plans, call 877.222.1942, or schedule a time to speak with a client advisor.

If you’re not currently a RetireMed client and have questions about Medicare or individual health insurance, we’re here to help! Schedule a call or contact 937.915.3563.


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