Top Three Things to Consider When Choosing a Medicare Plan

Top Three Things to Consider When Choosing a Medicare Plan

Before you choose a Medicare plan, there are some important things you need to consider. These factors are essential in determining whether you will get the most out of the Medicare plan or not. This post will explain the top three things you need to consider before choosing a Medicare plan.

Coverage

Coverage is one of the top three things to consider before choosing a Medicare plan. You do not want to enroll in a plan only to find out the plan does not cover your basic healthcare needs. Due to this, it is important to carefully check whether the plan covers the services you need. 

Medicare Part A and Part B (Original Medicare) covers basic inpatient and outpatient hospital services. Original Medicare does not cover dental, vision, or prescription medications. However, other plans such as Medicare Supplement plans can help reduce the out-of-pocket costs associated with Original Medicare, such as deductibles or copayments. 

Medicare Advantage Plans (Part C) cover all the services under Original Medicare. They also have some benefits not offered by Original Medicare. Some Part C plans offer prescription drug, vision, dental, and hearing coverage. However, you can’t purchase a Medicare Supplement plan if you are enrolled for Medicare Advantage. 

If you need prescription drug coverage, you will need to enroll for Medicare Part D or a Medicare Advantage Plan that covers prescription drugs.

If you have other health insurance plans, ensure to confirm how it works with Medicare before choosing a plan

Cost

Another important factor to consider is cost. Medicare plans have premiums, deductibles, and other out-of-pocket costs. Ensure you check whether the plan rates fall within your budget. Check the costs for services such as hospital stays, doctor visits, and prescription drugs. Some plans have a yearly limit on out-of-pocket costs, while some do not. For Original Medicare, there is no limit on out-of-pocket costs. The only way to reduce out-of-pocket costs for Original Medicare is to enroll in a Medicare Supplement plan. 

Also, for most people, Medicare Part A is premium-free, while you have to keep paying Part B premiums to stay enrolled in the plan. Medicare Advantage plans have an annual limit on out-of-pocket costs, making them cost-effective.

Coverage Policy

Medicare plans have various coverage policies that may change each year. For example, the drugs covered under Medicare Part D may change each year. Also, some Medicare plans require beneficiaries to stick to the in-network healthcare providers, while some may allow you to go out-of-network. Some plans also have special considerations for people with certain health conditions such as End-Stage Renal Disease, Amyotrophic Lateral Sclerosis, and diabetes.

At Temmen Insurance, we can help you navigate the various hurdles that come with choosing a Medicare plan. Based on your healthcare needs and budget, we can help you get the best Medicare plan. Reach out to us today for more information.

Get a Free Quote

Recent Posts