Shopping for Medicare Advantage: 6 pitfalls to avoid
Only 3 in 10 Medicare beneficiaries shop around during open enrollment, according to a 2022 analysis, and only 1 in 10 Medicare Advantage enrollees voluntarily switch plans
Only 3 in 10 Medicare beneficiaries shop around during open enrollment, according to a 2022 analysis from KFF, a health policy nonprofit — and only 1 in 10 Medicare Advantage enrollees voluntarily switch plans. But a 2020 analysis of Medicare Advantage plan choices by the National Bureau of Economic Research found that more than half of beneficiaries overspent by more than $1,000 due to the plan they selected.
Medicare open enrollment is Oct. 15 to Dec. 7, giving people with Medicare a chance to change plans for the upcoming year. Although potential Medicare Advantage enrollees may be swayed by $0 premiums and extra perks like vision and dental coverage, there are more important features to explore when you’re choosing next year’s coverage.
Here are some practices to avoid as you shop for Medicare Advantage this fall.
1. THINKING MEDICARE ADVANTAGE IS MEDICARE