Dealing with trying to read a file that might not exist

What is the best way in python to handle reading a file that may potentially not exist?

Currently I have the following:

    try:
        with open(filename, "r") as f:
            return f.read()
    except IOError:
        return False

Is this the best way to do it or is this wrong on any level at all?

I guess my biggest concerns are:

1. Catching the exception only to return false
2. Maybe i am missing a 'Python' way of silently missing the error for a missing file