Choosing A Plan

How To Pick The Right Medicare Plans For You

Being eligible for a Medicare Plan is only half the job – the other half is knowing the right plans to choose. The ideal Medicare plans should suit your way of life and align with your health goals.

Deciding on which Medicare coverage to go for does not have to be a problem. This page tells you all you need to know about choosing a Medicare Plan.

Do you know how Medicare works?

Most people who are eligible for Medicare tend to make the avoidable mistake of rushing to choose a plan without understanding the basics of Original Medicare. Do not make a similar mistake. Take your time to learn about Original Medicare – it is the first step on your journey to choosing the right Medicare Plans and additional coverage.

We have compiled all you need to know about Medicare on our Medicare page here, including the various parts and how they fit together to give you the perfect coverage. You can also check out our other Medicare pages for more information.

Do you understand your health needs?

First, it is essential to note that a “one size fits all” approach does not work with Medicare. This is because healthcare needs differ across individuals. As a rule of thumb, each eligible beneficiary must assess their needs and structure their Medicare coverage around such needs.

Start with your medications – what medications are you on, and for how long would they last? Assess the types of medical care you have been receiving – are you maintaining the exact needs or making adjustments?

While no one knows what their health would certainly look like, it is best to make projections and anticipate the help we need. You may consult your physician for specific information and guidance in these regards.

Medicare Supplement vs. Medicare Advantage Plan

Once you know what your healthcare needs are, you can search for a suitable Medicare Supplemental Insurance. It is common to see people confuse Medicare Supplement (Medigap) plans with Medicare Advantage plans. Although both are types of Medicare plans, they differ considerably.

Medigap or Medicare supplement insurance are plans designed to cover the costs that are not included in the original Medicare coverage. Only private providers offer this set of plans, and they determine the exact premium payable based on the age, needs, and locations of the beneficiaries.

On the other hand, Medicare Advantage plans (Medicare Part C) are not free, and the cost differs across carriers, countries of residence, and the type of plan. This part offers Medicare-covered benefits via private health plans. This may also include additional benefits like prescription drug coverage.

We have highlighted a few questions to help you decide the more suitable plan:

          Are your important physicians a party to any Medicare Advantage plans, or do they accept only Original Medicare?

          What insurance do your preferred hospitals recognize?

          Do you travel out of the area regularly? If yes, you should go for a combination of Original Medicare and a Medicare Supplement – it is acceptable in all hospitals that accept Medicare nationwide.

          Can you handle a year of heavy health spending? This may not be a problem if you have sufficient saving to foot the highest possible out-of-pocket expenses that may come with your Medicare Advantage plan.

          What works for you best? Do you prefer to pay for your services as you go or want some additional insurance against unexpected expenses? Medicare Advantage plan is good for the former with its low premiums and Medicare Supplement for the latter because it tells you your exact medical expected expenditures irrespective of your health state.

Based on your answers to the above questions, you can determine which is more suitable for you between Medicare Supplement plans and Medicare Advantage plans.

Let’s look at how you can choose the right provider and/or coverage in both cases.

Choosing the right Medical Supplement Plan

The standardization of the Medial Supplement Plans in 1990 has made comparison easier. There are tons of resources online to help you compare the best Medicare Supplement Plans.

If you are going with a Medigap Plan, you can use the internet to search for the list of plans in your area. After creating a list, compare the prices and offers to see which works best for you.

NB – The premiums payable for your Medicare Supplement plan are determined by a couple of factors, including gender, age, zip code, tobacco usage, and your eligibility for discounts (if applicable).

Choosing the right Medicare Advantage Plan

The Medicare Advantage or Part C Medicare is a combination of both Part A and B coverage into a single plan. Most of these plans come with prescription drug coverage automatically. You can either go for such or plans without drug coverage – the latter allows you to choose a separate standalone Part D plan.

You need a Medicare Part D for Prescription Drug Coverage because it helps to reduce the cost of prescription drugs while delivering a standard level of coverage as outlined by Medicare.  You can only get a Part D Medicare plan from approved private insurers, although they are part of the government’s Medicare program.

Get Professional Help

Choosing the right Medicare plan can be a complicated process to navigate. Despite using online resources, you may struggle to sieve through the vast information to identify the best plans available in your area.

You can save yourself this stress by getting personalized help from Medicare experts. At Medicare 365, we are always ready to help. You can trust us to tell you more about Medicare plans and how they work. We will be delighted to speak to you one-on-one on this or any other Medicare topics. Feel free to call us today on 1-844-55-27426 or send an email.