If You’ve Signed Up for Medicare Advantage, You Need to Read these Suze Orman Tips

Quick Read

• Medicare Advantage plans can change coverage terms and provider networks annually.

• Advantage plan members win 80% of appeals after initial coverage denials.

• Suze Orman warns that you need to pick your Medicare Advantage plan carefully.

• Some investors get rich while others struggle because they never learned there are two completely different strategies to building wealth. Don’t make the same mistake, learn about both here.

If you are 65 or over, you are most likely eligible for Medicare for your health insurance. Getting coverage through this government program isn't as simple as it seems, though. That's because original Medicare has many things it doesn't cover, as well as high coinsurance costs. This prompts many people to explore alternatives.

In some cases, the chosen alternative involves signing up for a Medicare Advantage plan, which is administered by a private insurer.

Medicare Advantage Plans charge different premiums and have different rules than original Medicare, with many offering more covered services.  Advantage Plans also have some risks and downsides to them, though, which is why finance expert Suze Orman shared a few key tips for those who choose to go this route for their coverage.

If you have signed up for Medicare Advantage, you should read these Orman tips to make sure you get the coverage you deserve from your insurer.

1. Make sure you pay attention to your plan

The first big thing Suze Orman advises Medicare Advantage customers to do is to make sure they pay attention to their plans.

Orman warned that far too many people sign up for an Advantage plan and then just stop paying attention once they are enrolled. That can be a big mistake because the terms and conditions of coverage can change over time, as can the premiums and the network of doctors who are covered by the plan.

Unlike original Medicare, which typically doesn't change much from year to year, Advantage Plans can undergo big shifts. This may include some doctors leaving the network, which could mean you are no longer eligible to have your visits covered. In order to make sure that you have the right insurance in place and can benefit from continuity of care with your chosen provider, you should carefully review your Advantage plan each year during open enrollment.

You should not only check out the details of your own current plan, but you should also see what other Medicare Advantage coverage options are out there. By comparing plans each year, including checking which doctors participate with which plan, you can get the coverage best suited to your current health care needs.

2. You need to appeal a denial of coverage

Orman's next big piece of advice relates to what you should do if your Medicare Advantage plan denies you coverage for a particular procedure.

See, Medicare Advantage plans often require preapproval for care, which is not typically required for procedures when you have traditional Medicare. Unfortunately, insurers can and do deny care to Advantage plan members, and Orman says you shouldn't just accept that decision if this happens to you.

Orman explained that in situations where people were denied coverage but then appealed, insurers ultimately ended up paying for the procedure in around 80% of cases. This suggests it is very clearly worth pursuing an appeal of a care denial if you think your need for the care is legitimate and justified.

By following these Suze Orman tips, you can ensure that your Medicare Advantage plan works as well as possible for you, and gives you the care you need a a price you can afford.

Of course, you should also make sure during retirement planning that you are budgeting for healthcare costs. It often comes as a surprise to seniors that Medicare doesn't just pay for everything, but you have to be aware of and ready for this reality if you don't want to face a lot of hardship as a retiree.

Fixed-income investments like annuities can provide a predictable income stream that gives you plenty of money to pay for your medical care, so consider exploring annuities as an option -- especially if you are concerned about how you might handle costs in the future.

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