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

  1. You can qualify for Medicaid (even if you don’t think so)
  2. The “Wait and See” Approach can Result in Ruinous Health Care Expenses.
  3. Plan for Home Care and Nursing Home Facility Care while You Still Can.
  4. What’s the difference between Medicare and Medicaid?
  5. It’s NOT too Late for Effective Medicaid Planning (even if you think it is)
  6. Why Hire an Elder Law Attorney?
  7. Don’t Prepare Your Own Medicaid Application
  8. Trusts Can Protect Your Home and Your Money!
  9. Special Trusts for Specific Purposes
  10. Protecting Co-op Apartments Require Special Handling
  11. Evaluate Your 401k or IRA Carefully when Planning for Medicaid
  12. Why Take the Lump Sum Option on Your Pension or Retirement Account?
  13. Choose Your Trustee Wisely
  14. Private Annuities can Help Protect Your Assets
  15. Caregiver Agreements Help Achieve Medicaid Eligibility
  16. Keep Your Medicare Insurance
  17. The Durable Power of Attorney
  18. Elder Law and Estate Planning
  19. The Health Care Proxy vs. the Living Will
  20. How to Choose an Elder Law Firm
  21. Streamline Your Financial Affairs and Record Keeping
  22. New York State is More Generous than Other States
  23. Your Attorney can Help Find the Best Care for You
  24. Long-Term Care Insurance Won’t Necessarily Solve the Problem
  25. Compassionate Elder Law Planning Focuses on Your Future Quality-of-Life!

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