Keep Your Medicare Insurance
This is Strategy #16 from Lamson & Cutner’s publication, “25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs.” Click here to see the other strategies.
Keep your Medicare insurance. In most instances, you'll have access to a wider range of doctors. Be careful about sales pitches for coverage under Medicare Advantage plans, which require you to see in-network providers. There are a lot of plans out there that sound great on the surface, but don't provide you with the same access to providers and benefits you get through traditional Medicare "A" and "B". Even if you're on Medicaid, you'll probably want to keep your traditional Medicare because you'll have a broader selection of doctors, and in many instances you’ll be paying for supplemental insurance with dollars that you would otherwise have to contribute to the cost of care.
That being said, for some individuals, a Medicare Advantage plan may be preferable because supplemental insurance will not be needed, and overall costs may be lower. However, these plans require you to stay "in network," which means that you may have to change doctors or other medical providers.
It's a good idea to review any proposed changes in your coverage with a knowledgeable insurance agent before switching.
25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs
- You can qualify for Medicaid (even if you don’t think so)
- The “Wait and See” Approach can Result in Ruinous Health Care Expenses.
- Plan for Home Care and Nursing Home Facility Care while You Still Can.
- What’s the difference between Medicare and Medicaid?
- It’s NOT too Late for Effective Medicaid Planning (even if you think it is)
- Why Hire an Elder Law Attorney?
- Don’t Prepare Your Own Medicaid Application
- Trusts Can Protect Your Home and Your Money!
- Special Trusts for Specific Purposes
- Protecting Co-op Apartments Require Special Handling
- Evaluate Your 401k or IRA Carefully when Planning for Medicaid
- Why Take the Lump Sum Option on Your Pension or Retirement Account?
- Choose Your Trustee Wisely
- Private Annuities can Help Protect Your Assets
- Caregiver Agreements Help Achieve Medicaid Eligibility
- Keep Your Medicare Insurance
- The Durable Power of Attorney
- Elder Law and Estate Planning
- The Health Care Proxy vs. the Living Will
- How to Choose an Elder Law Firm
- Streamline Your Financial Affairs and Record Keeping
- New York State is More Generous than Other States
- Your Attorney can Help Find the Best Care for You
- Long-Term Care Insurance Won’t Necessarily Solve the Problem
- Compassionate Elder Law Planning Focuses on Your Future Quality-of-Life!