Make the Right Choice: How to Choose the Best Medicare Plan For You

When it comes to choosing the best medicare plan for you and your needs, the choices can seem overwhelming! Here’s a simple guide to help you choose right…

Some say that the more choices you have the better, but it sure doesn’t feel that way sometimes. Having too many choices can be very overwhelming. It’s easy to feel that whatever you choose, something else would be better.

When it comes to Medicare the choice is especially difficult. You’re making a choice that will affect your health for at least the next year.

Fortunately, there are ways to determine the best Medicare plan. Here are some steps to take!

The Parts of Medicare

Medicare has three primary parts. Medicare Part A is hospital insurance, which covers hospital stays, hospice, and some home health care. It can also provide coverage for care in a skilled nursing facility.

Medicare Part B is medical insurance, which covers when you go to the doctor, get medical supplies, and need preventative services.

Medicare Part D adds prescription drug coverage to some Medicare plan options.

Medicare Advantage, Medigap, & Supplement Plans

There are some important drawbacks to Original Medicare. First, there’s no limit to your out-of-pocket costs. Second, there’s no coverage for vision, dental, or hearing, which can be important as you get older.

Finally, the cost-sharing can be difficult, since you’ll generally pay a percentage of your care rather than a set copayment amount.

As a result, you may want to consider Medigap, Medicare Advantage, or a supplement plan.

Medigap

A Medigap policy can help you afford your deductibles, copayments, and coinsurance with Original Medicare.

Medigap policies are sold by private insurance companies, and may also provide services not covered in your original plan. Medigap can only be used with Original Medicare, not with Medicare Advantage or a supplement plan.

Medicare Advantage

Medicare Advantage, sometimes called Medicare Part C, is a bundle that includes Part A, Part B, and often Part D. Some Medicare Advantage plans also have coverage for vision, hearing, or dental.

There is also a yearly limit to how much you spend out-of-pocket for your care. This can be very helpful, especially if you have ongoing serious illnesses.

Medicare Supplement Plans

Supplement plans are offered by private insurance companies and are used in conjunction with your Medicare Part A and B coverage. Sometimes you don’t have to pay a monthly premium, but many plans do require extra payment beyond your Medicare premium.

Supplement plans can help make your cost of care predictable by offering copayments instead of percentage cost sharing. They may also cover more services and have better deductibles and cost-sharing arrangements.

Most of all, a supplement plan can make your prescription medications much more affordable than Medicare Part D.

Choosing the Best Medicare Plan

The best Medicare plan for you will depend on your financial situation, health needs, and prescription drug needs. Most seniors find that Medicare Advantage or a supplement plan is a better option than Original Medicare.

If you plan to travel a lot, especially overseas, be sure to choose a plan that will offer medical coverage outside your normal network. You can’t afford to not have help if you are injured or fall ill.

Interested in how to live your best life as a senior? Check out our lifestyle category today!

 

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