How to Get the Most Out of Your Medicare Advantage Plan TopicsPopular TopicsMost Recent Medicare Working Past 65 Lifestyle & Wellness Considering Retirement Existing Clients Employer Monthly Webinars Community Development During Medicare’s Annual Enrollment Period – Oct. 15 – Dec. 7 – you can review other Medicare plan options. Medicare Advantage (MA) plans offer great benefits and continue to be strong for 2021. If you’re on a Medicare Advantage plan, you may wonder if you’re taking full advantage of its perks. Below we’ve shared four 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 (SOB) 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 RetireMEDiQ to request one via email. You can refer to the SOB 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 the way your plan covers medical services you’ve received. Each time you visit your doctor or hospital, you’ll receive an EOB and a bill from the facility where the service occurred. It’s important to look over your EOBs to make sure they match each bill. 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 MA plans come with great benefits that offer convenience and can save you money. You may have access to benefits such as an over-the-counter allowance, dental, hearing, vision, a fitness membership or others. Your Summary of Benefits will explain all your plan-specific benefits, so be sure to reference it. A timely benefit included in Medicare Advantage plans is telehealth, which provides you with remote health care that you can access at home. And because of the coronavirus pandemic, Medicare is expanding its telehealth coverage. Oftentimes, using telehealth can be a more affordable and convenient option, especially if your condition is minor or if you’re traveling. Your Summary of Benefits will give you more details about how your specific telehealth benefit works. If you have questions, our team is here to help as well! 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 Make sure to take advantage of your plan’s preferred retail pharmacies. If you choose your plan’s preferred retail pharmacies over standard pharmacies, you will likely pay lower copays and coinsurance. You can find out more about your plan’s preferred pharmacies by either reviewing your Summary of Benefits or by visiting your insurance provider’s website. We hope you found these tips helpful as you utilize your MA plan. If you have any questions regarding your MA plan or any topics discussed in this post, or if you’re interested in finding out more about MA plans, you can call 1-866-557-1313, or schedule a time to speak with a Client Advisor at retiremediq.com/schedule. 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