When it comes to choosing a Medicare plan, you have several choices. This is a good thing because everyone has different healthcare needs. Choosing the right Medicare plan for you starts with finding out what the plan offers and matching the plan with the coverage you are looking for. Moreover, you need to balance a monthly premium you can afford with the lowest out-of-pocket costs.
When it comes to determining which Medicare plan is right for you, we suggest delving through these main points.
Decide if You Want Original Medicare or Medicare Advantage
The ultimate decision you make is what the base of your medical care will be moving forward. There are two main options you can go with – Original Medicare or Medicare Advantage. Original Medicare comprises Medicare Part A, which offers coverage for inpatient services, and Part B, which pays for outpatient services, doctor visits, lab work, and preventive care. Most hospitals and doctors in the country accept Original Medicare.
On the other hand, Medicare Advantage covers all the same benefits provided by Original Medicare, and some plans also include prescription drugs, hearing, vision, and dental coverage, which are not covered by Original Medicare.
Decide if You Need to Add Prescription Drug Coverage
If you decide to choose Original Medicare, you need to determine if you need to add prescription drug coverage to your Medicare plan. Prescription drugs can be expensive. About 90% of the seniors use at least one prescription drug a month and about 40% of people over the age of 65 use five prescription drugs every month. All these costs can add up if you don’t have prescription drug coverage.
Medicare Part D is purchased through a private health insurance firm approved by Medicare. You will be required to pay a monthly premium, no matter the amount of prescriptions you use.
Do You Need Medicare Supplement Coverage?
Original Medicare comes with varying costs from premiums, deductibles, copayments, coinsurance, and more. You can get a Medicare Supplement plan to help cover these costs. These plans are standardized and labeled as Plans A, B, C, D, F, G, K, L, M, and N, with each plan having varying levels of coverage.
Need a Plan? We Can Help!
If you are looking for someone who can help you choose the right Medicare plan for your needs, look no further. The Medicare insurance experts at Cornerstone Senior Advisors can help you identify which Medicare plan is right for you.