Have you ever wondered why your plan costs so much? Or, maybe you have noticed that prescription drugs have become more expensive over the last few years. When you take these factors into account, it’s likely that you are ready to explore other options. The common sense physicians at Noble AMA IPA say, if something else would save you money, then why shouldn’t you switch? Fortunately, switching your Medicare plan and/or drug coverage can help relieve some of the cost burdens from your monthly budget. However, before you make a change, it’s important to investigate all possible benefits and drawbacks. Keep reading to find out more about how changing your plan can save you money each year as well as in the long run.
What Does It Mean to Change Your Medicare Plan?
Before you make the switch, it’s important that you understand what it means to change your Medicare plan. When you switch your plan, you are not changing your current coverage. Instead, you are changing your current Medicare plan. Most patients who want to save money opt to change their Medicare plan. There are a few options to consider when switching your Medicare plan. You can switch to a different Medicare plan within your state. You can also switch to a Medicare Advantage plan. If you switch to a Medicare Advantage plan, it will be like changing plans entirely. However, there are some differences. Because you are switching from Original Medicare to Medicare Advantage, you may have to pay some extra costs. Additionally, you will have to sign up for a specific insurance plan.
Reviewing Your Drug Coverage
When you first enroll in Medicare, you will receive a free Medication Finder Tool. You can use this tool to compare prescription drug costs across various plans. Noble AMA IPA recommends this, especially if you are currently paying high premiums for your plan or if you notice that drug costs are escalating. By comparing costs across various plans and/or drug options, you can get a better idea of which members receive the best deal on medication and which plan you should switch to.
Should You Change Your Medicare Advantage Plan?
As with any other potential Medicare plan change, it’s important to weigh the pros and cons before making a switch. There are a few things that you should keep in mind before switching your Medicare Advantage plan. First, it’s important to note that Medicare Advantage plans are not necessarily cheaper than Original Medicare. The reason why you are switching is to see if you would be able to save on your monthly drug premiums. Secondly, if you have a health condition that may require a certain medication, it might be difficult to find a plan that covers the medication. Thirdly, you must understand that once you switch Medicare Advantage plans, it can be difficult to switch back.
When Should You Change Your Medicare Provider?
Change your Medicare Advantage plan when you feel like you have found a cheaper option. However, you may have to change your Medicare provider if you find a plan that is less expensive. If you have been paying high premiums for a particular provider, you may be able to save by switching to a less expensive plan. Alternatively, you may be able to switch to a new provider at a discounted rate, potentially even one from the friendly folks at Noble AMA IPA.
What if you can’t find a cheaper provider?
If you have not been able to find a cheaper Medicare plan or a cheaper provider, then you might want to switch to Original Medicare. Doing this will help you balance out the cost of your monthly budget. However, you will be responsible for paying a premium. The Physicians at Noble AMA IPA regularly warn patients to keep in mind that the premiums for Original Medicare will likely increase each year.
Bottom Line
If you’ve been struggling to pay your monthly premiums and prescription costs have become more expensive, then switching plans and/or providers may help you reach your financial goals. The staff at Noble AMA IPA want you to keep in mind that switching plans and/or providers can have some downsides too. If you do decide to switch your plans, make sure you understand the costs with doing so. There may be some other factors, such as health conditions and/or location, that could also help you save money, so never forgot to take a look at that Medicare Coverage.
Noble AMA IPA Medical Group is an Independent Practice Association (IPA) comprised of more than 100 primary care physicians and over 200 physician specialists near Orange County California who are committed to the health and wellbeing of their patients. To find out if your doctor is part of Noble AMA IPA, please search our physician directory. We provide service in many languages and are currently accepting patients.