Be careful with new Medicare Advantage Plans in your area!
New plans in your area do mean more options but there is a but. Let’s start with when we would encourage you to sign-up for those new plan options. Let’s say company ABC has previously had Medicare plans in your area. They have a good track record with providers / good network of providers and pays claims well. If this company is now offering something new in their same lane, it fits your needs well and the price is right, go for it.
Where we would caution:
For example, if company ABC has only done Medicare Part D Drug Plans in your area and this year is adding a Medicare Advantage Plan (different lane), we would encourage you to pause. Give them a year to work out the kinks, get a good network of providers, pay claims, etc. Also, at times these new products come in at a no to low premium rate the first year to entice people to sign-up. The following year their premium price often goes up.
We have seen in the past when a new to the area company has what looks like a great Medicare Advantage Plan. Many people signed-up for it. Then a couple years into the plan, the company leaves the area completely! There were a lot of people who had to scrabble to find something new for their Medicare. We think it would be a better course of action to go with a solid company that has been around or at least a year in the area. So, be careful with new Medicare Advantage Plans in your area.
We know the options for Medicare can be overwhelming and confusing ? Check out this video where Rick talks about this and how we can help simplify this for you.
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