Choosing the right Medicare coverage can be a complex and overwhelming process, with numerous options and factors to consider. Medicare is divided into four parts and each part covers different aspects of your healthcare needs. It can be a lot to take in but there are 7 things you should consider:
- Your healthcare needs
- The costs of coverage
- Your doctors
- Current coverage
- Desired benefits
- Prescription drugs
- Quality of care
Learn more below, about how each of these can help you make an informed decision when choosing your Medicare coverage.
1. What are your healthcare needs?
Your healthcare needs should be considered when choosing your Medicare coverage. You should think about your current and anticipated future healthcare needs:
Do you have any chronic conditions?
Are there any regular prescriptions you require?
If you have specific healthcare needs, you may want to consider a plan with more comprehensive coverage or a lower out-of-pocket cost.
2. Do you understand the costs of coverage?
Medicare plans have different costs, some may include monthly premiums, deductibles, and copays. For instance, Original Medicare has no limit on how much you pay out-of-pocket per year, while Medicare Advantage plans do have a yearly limit on your out-of-pocket costs. You should evaluate the differences to determine which plan might be most affordable and best suit your budget.
3. Have you considered the doctors you go to?
If you prefer to go to a specific hospital or healthcare provider, it is important to consider that when choosing your coverage.
Original Medicare allows you to go to any doctor that accepts Medicare.
Some Medicare Advantage plans require you to stay within a network of providers. If choosing a Medicare Advantage plan, check if your preferred doctors and hospitals participate in the plan’s network. If they do not, you may need to find new providers or pay higher out-of-network fees.
4. Do you have other coverage?
If you have other types of health or prescription drug coverage through your employer or other programs, make sure to consider how it works with Medicare. Are you thinking about transitioning to Medicare from employer based insurance? Check out this blog for more information!
5. Are there any extra benefits you need?
Each Medicare plan has different coverage options. Some Medicare Advantage plans may include extra benefits such as dental, vision, and hearing care while Original Medicare does not. You should consider these options, when you determine which plans offer the best coverage for your healthcare needs.
6. Have you considered prescription drugs?
You are required to have creditable prescription drug coverage.
Most Medicare Advantage plans include drug coverage, if you have Original Medicare and don’t already have creditable coverage, you will need to join a Part D prescription drug plan.
When choosing coverage, consider if your medications are covered under the plan’s formulary and what the drug costs may be.
7. What about quality of care?
The quality of care and services offered by plans and other health care providers can vary. You should take into consideration how Medicare and other people with Medicare rated your health and drug plan’s care and services. Look for the plans Star Rating, it is an easy way to know if you are enrolling in a plan that offers excellent healthcare and customer service. Learn more about star ratings here,
Look for a plan that offers quality customer service, including easy access to customer support, quick claims processing, and helpful resources.
Choosing the right Medicare coverage can be a complicated process, if you consider these seven factors, it can help you make an informed decision. Our licensed agents are here to answer your questions! Contact us for help comparing your coverage options.
