When it comes to Medicare, with the advent of the Affordable Care Act, Americans aged 65 and older have more choices today than ever before. With over 25 plans to choose from, offering a wide variety of premiums, copays, coinsurance, medical providers, and pharmacies, getting the right coverage is simply a matter of reviewing all your options and selecting what works best for you.
Here are 5 things to consider to find the perfect Medicare plan for you:
The Extent Of Coverage
When enrolling in Medicare or changing your plan it is important to consider the following aspects of your coverage:
- Are you happy with your current doctors?
- Do you travel regularly or spend a considerable amount of time at a vacation home?
- How frequently do you require medical services?
- Are there any prescription drugs that you require regularly?
This can help you narrow down the various plans that are available for you to choose from.
Your Current Insurance Plan
Before deciding to enroll in Medicare, it is important to speak with your benefits representative or your insurance agent to understand how your current insurance plan’s coverage will work with Medicare. Reviewing your existing insurance plans can help you find the right Medicare plan that works well together.
Primary Care Providers
If you have a primary healthcare provider that you wish to stick with, it’s important to check with them if they participate in the plans you’re looking at. When it comes to Medicare, traditional Medicare offers more options to stay with your current providers, HMO Advantage Plans offers a list of approved doctors to select from, and PPO Advantage Plans let you select out-of-network physicians, but involve higher out-of-pocket costs.
Prescription Drug Coverage
If you require regular prescription drugs you can look to purchase a Medicare Part D plan or Medicare Advantage Plan as Medicare parts A and B don’t cover prescription drug costs.
Regular Travel Or Second Home
Traditional Medicare plans work best if you travel regularly as they are accepted by providers throughout the country. They don’t require you to select a primary care physician or require referrals for visiting specialists.
Cost
While the actual cost of coverage depends on the plans available in your area, for most people Medicare Part A is provided at no charge and Part B involves a monthly premium that may be deducted from your benefit payment.