Medicare Advantage plans operate on an annual basis. The coverage period typically runs from January 1 to December 31. Make sure you are aware of any time-sensitive restrictions or requirements associated with your plan. While some do carry over to the next year, many are lost, if not fully utilized.

Review your Medicare Advantage plan documents

Take the time to thoroughly review your Medicare Advantage plan documents, including the Summary of Benefits and the Evidence of Coverage. These documents outline the specific benefits, costs, and limitations of your plan. If you are one of our client’s, we always provide these document before enrollment and can provide them to you at any time at no cost.

Schedule any remaining preventive screenings

Medicare Advantage plans often provide coverage for preventive services such as screenings, vaccinations, and wellness exams. Check if you have any pending preventive screenings that you haven’t utilized. Schedule these screenings before the end of the year to take advantage of the coverage without incurring additional costs.

Assess your healthcare needs: Reflect on your healthcare needs and determine if there are any medical treatments or services you require before the year ends. Consider scheduling appointments with specialists, such as dermatologists, cardiologists, or any other healthcare providers covered by your plan. Addressing your medical needs promptly can ensure you receive appropriate care within the coverage period.

Maximize prescription drug coverage

If your Medicare Advantage plan includes prescription drug coverage, review your medications and assess your medication needs for the remainder of the year. Take advantage of any refills or prescription coverage before the end of the year. Consider discussing with your healthcare provider if there are opportunities to switch to generic drugs or more cost-effective alternatives. In situations where your prescription does not have a generic option, speak with your doctor about completing a drug determination to have Medicare cover the more expensive drug.

Understand your out-of-pocket expenses: Medicare Advantage plans often have different cost-sharing structures, such as copayments or coinsurance. Familiarize yourself with your plan’s cost-sharing requirements to budget and plan accordingly. Review your current out-of-pocket spending for the year to determine if you’ve reached any maximum limits or thresholds that could potentially reduce your expenses.

Explore end-of-year benefits or incentives

Some Medicare Advantage plans may offer end-of-year benefits or incentives to encourage utilization. These can include additional services or cost-saving opportunities. Check with your plan provider or review your plan documents to identify any available benefits or incentives.

Contact your plan provider: If you have any questions or need clarification about your Medicare Advantage plan’s benefits, contact your plan provider’s customer service. If you are one of our client’s we can do this for you. They can provide specific information about coverage, limitations, and any available resources to help you make the most of your plan.

Remember, each Medicare Advantage plan is unique, so it’s essential to understand the details of your specific plan and its coverage provisions to maximize your benefits. This is an additional service that we provide at no cost to you. By proactively reviewing your plan, scheduling necessary appointments and screenings, and optimizing your prescription drug coverage, you can maximize your Medicare Advantage benefits before the end of the year.