Choosing a Medicare Plan
Questions to Ask Yourself When Choosing a Medicare Plan
1. How healthy am I?
It’s impossible to predict the future, but you can use your current health to understand your present needs and anticipate any future needs. For example, if you have multiple serious medical conditions, like diabetes and chronic kidney disease, you probably need a health plan that will offer more coverage and less out-of-pocket expenses.
That might mean buying a supplement plan so you don’t get hit with 20% of outpatient costs. If, on the other hand, you’re healthy with only minor medical conditions, you may be able to choose a plan with a lower monthly premium that offers less coverage. This could be a Medical Savings Account or only Original Medicare — Parts A and B.
2. Do I need prescription drug coverage?
Prescription drugs can be very expensive. Unfortunately, most people will need a prescription drug at some point. Original Medicare Parts A and B don’t cover prescription drugs. However, there are multiple ways to get coverage for medications. Medicare Part D adds prescription drug coverage for a low monthly premium. Some Medicare Advantage Plans include prescription drug coverage. Choosing between Part D and Medicare Advantage Plans depends on whether or not you want additional extras, below.
3. Do I need extra benefits like vision and dental?
Medicare Advantage Plans offer bonuses, like vision, dental, or even gym memberships and prescription drug coverage. These plans are offered by private insurers. Each plan is different based on the insurance company. Using an insurance agent to help you sort through all of the different plans and bonuses can help you decide if a Medicare Advantage Plan is right for you.
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Making the Big Decisions Using Our Decision Guide
There are many small, detailed decisions that go into choosing your Medicare plan. These choices can make the process even more intimidating. We think it’s easiest to break the Medicare enrollment guide down into the big decisions. Use our step-by-step process below to figure out which plans are best for you.
- Enroll in Medicare (Part A).
- Decide if you need Part B.
- Decide if you want a Supplement Plan.
- Contact an agent to help you decide on the plan type and company.
- Decide if you want a Medicare Advantage Plan.
- Contact an agent to help you decide on the plan.
- If your Advantage Plan doesn’t include Prescription Drug coverage, move on to the next step.
- If you don’t want a Medicare Advantage Plan, decide if you want to add prescription drug coverage using Part D.
*You cannot have Medicare Supplement insurance and a Medicare Advantage plan at the same time.
Summary
Deciding on a Medicare Plan can be daunting at first. While this guide is helpful, the best option is to contact us at Modern Senior Benefits. We know the industry inside and out. One of our agents can help you understand which insurance plans are right for your specific needs.
