Practical Tips To Choose The Right Medicare Plan For You

practical tips to choose the medicare plan

Are you looking for Medicare coverage that fits your lifestyle and helps you achieve your health goals? Knowing just a few key facts can simplify the process of choosing the right Medicare plan. 

Did you know that Medicare provides healthcare to millions of Americans? By 2023, 31.8 million people will have federal medicare insurance. 

Want to know about secret facts? Let us help you find the insurance coverage that meets your overall health needs.

Tips To Follow While Selecting The Right Medicare Plan

  1. Start By Being Clear About The Different Plans

According to a 2021 report, a quarter of Americans do not clearly understand the various Medicare plans. They are familiar with basic knowledge of Medicare Insurance, Medicare Advantage, and Medicare Supplement Plans, but they do not have a thorough understanding of Medicare plans. Therefore, the first step in choosing the right plan is to gather detailed information about the medical plans.

Here we are listing broad categories. 

Original Medicare

Original Medicare includes Parts A and B.

Medicare recipients get PART A for free, which covers costs associated with hospital stays. It includes nursing, home care, and hospital care.

Medicare Part B is responsible for covering preventive & outpatient services. In addition, it will also cover doctor visits and lab tests. Remember, you will keep the plan in force by paying a premium. 

The standard price in 2022 is $170.10, but under IRMAA or income-related monthly adjustment amount, you will be liable to pay a high premium. 

Note: Parts A and Part B do not cover vision, dental, or prescription coverage. To enrol in an original medicare plan, contact Simpler Horizons, the No.1 Medicare insurance agency

Medicare Advantage Plans

Medicare Advantage plans are sold by private-sector insurance companies such as Simpler Horizons. They are popularly known as Part C. These plans include Part A (hospital care) and Part B (medical care) and have prescription drug coverage in Part D. Some medicare advantage plans ( PART C) even cover dental and vision care.

Medicare Supplement Insurance Plans or Medigap

Private-sector insurance companies also sell these Medicare supplement plans. In addition, a Medicare supplement plan provides additional coverage to help pay for certain costs that Original Medicare does not pay. 

These plans are available in many forms, some covering the essential cost and some providing more comprehensive coverage along with deductibles, coinsurance, and copays. However, remember that you cannot buy a Medicare Supplement plan and a Medicare Advantage plan together. In addition, it may only work with Original Medicare or Prescription Drug Plan Part D. 

Learn About The Deadline

You can only sign up for Medicare Insurance Plan during certain times, so make sure you know your window for penalty-free enrollment. If you have employment-based health insurance, you can delay enrollment. If you don’t enrol in the penalty-free period, you may have to pay higher premiums.

If you are already getting Social Security or disability benefits, you will automatically enrol in medical services and hospital care through Medicare.

Assess The Scope of Coverage

The scope of coverage is co-related to the point mentioned above. To choose the right fit, you need to do some more research. It’s essential to know what Medicare doesn’t cover because Medicare Plans A and B have some significant gaps. This rigorous process helps you understand why medicare supplement plans have become so popular. Nevertheless, this means that they do not have their disadvantages. For instance:

Original Medicare does not cover- 

  • long-term patient healthcare
  • hearing aid
  • Deductibles & Copayments. The Part A Medicare deductible was $1,484 in 2021 but increased to $1,556 in 2022
  • outpatient prescription drugs
  • Dental care for dentures, tooth extractions, visits, cleanings, and fillings. However, Medicare Advantage plans cover some of them but with limitations. Find out what your limits are before signing any document.
  • Routine visual care. You require regular vision checks in the case of surgery or complications from diabetes.
  • Medical care abroad. Under Original Medicare, you can get coverage anywhere in the United States but not outside it. See what’s available on Medicare Advantage. Some plans do not cover you abroad.

Well, this is the only one you need to do proper research to find the best coverage!

Do Consider Cost Implications 

Research the cost implications of the medicare plan you choose. As we mentioned, you must pay a premium under Medicare Part B and Medicare Advantage. Therefore, count this as your contribution to the insurance coverage plan. But it would help if you kept that in mind this doesn’t scratch the list of other considerations. It includes:-

  • The annual limit for out-of-pocket expenses – For example, there is no out-of-pocket spending limit under Original Medicare. It does not apply to Medicare Advantage. 
  • Copayments And Deductibles 
  • Physician and prescription drug coverage. The perfect way to take this step is to anticipate the coming year. Be mindful of all the medications you take. Also, decide which ones you will continue to use. You also know how often to visit your doctor.
  • Will your current doctor accept Medicare? Some may not, so you must look for new healthcare providers.
  • Know the pharmacies and hospitals that accept Medicare. Find out all you can about the quality of care that doctors or hospitals offer their clients. You can gain a lot of information online by reading reviews or checking ratings.
  • Private companies offer Medicare plans, so choosing one with a network of doctors and hospitals that meet your needs is essential. You should also consider whether you would prefer an HMO or PPO plan. HMOs usually have lower premiums, but you may need to see doctors in their network.

These are all essential considerations when choosing a plan. Medicare Plan D will be a good option if you need to take more prescription drugs.

Make Use Of Online Tools

Once you have all the information related to the medicare insurance plan. Several online tools can make this task easier. For example, Medicare Plan Finder is considered one of the best online tools for searching and comparing Medicare Advantage, Prescription drug plan (Part D) and Medigap plans. 

All you need to do is enter information into the Plan Finder, which filters out the results based on the lowest combination of premium & drug costs. You can then sort by other things, e.g., Which plan covers your nearest pharmacy?

But you cannot blindly rely on online tools, because here you do not get a plan according to individual needs. So better to seek advice from an experienced insurance agent of Simpler Horizons. 

You can switch your plan annually by availing of the annual enrollment period (15 October to 7 December).

Compare the Cost Of Multiple Plans

Cost is a significant factor that you should consider. Do compare the cost before picking a plan. Medicare plans vary widely in terms of premiums and monthly costs. Review all the costs associated with each plan before signing any document. 

Final Verdict 

The best way to choose the best Medicare insurance plan starts with getting the correct coverage information. Medicare is a broad and complex subject, so you must do much research before choosing any plan, or you can contact a Simpler Horizons Medicare insurance agency. They will help you choose the right medical plan for your health and financial situation.

There is something to learn. For example, you’ll notice that Original Medicare does not cover prescription drugs. In such cases, it may be appropriate to consider Medicare Advantage or Medicare Plan D.

For any questions regarding Medicare, contact the Medicare insurance agency Simpler Horizons; we have a team of experts who are always available to clear all your doubts and confusion.

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