Here are some tips for choosing a Medicare plan

Top 3 Tips For Choosing A Medicare Plan

Enrolling in Medicare may be fairly easy for some, but choosing which plan to continue receiving benefits from can be more tricky. If you find yourself in this predicament, don’t worry. We have the top three tips that will guide you in choosing a Medicare plan that fits your needs.

Tip #1: Look at the coverage…

There are more parts to Medicare than what initially meets the eye, and each part covers a different sector of healthcare. When you first enroll in Medicare, you will enroll in Original Medicare, or Part A and B. Part A and B covers inpatient and outpatient services, as well as some home health care and hospice care, but they do not cover all costs. Copays, coinsurance, deductibles, and excess charges will all be left in your responsibility unless you enroll in one of the ten Medicare Supplement Plans. Each supplement plan will offer a range of coverage, but take note that Supplement Plans C and F are no longer available to those who did not become eligible for Medicare before January 1, 2020.

If you would like to receive more added coverage on top of the Part A and B benefits you already receive, then a Medicare Advantage Plan could be right for you. However, you cannot use a Medicare Supplement Plan with a Medicare Advantage Plan. With Medicare Advantage, you will receive all the same coverage you received with Original Medicare, minus the hospice care. You will also receive extra benefits including dental, vision, hearing, and prescription drug coverage. 

If you do not already have creditable drug coverage, you should consider enrolling in a Part D plan when you initially enroll in Original Medicare. However, you can also receive prescription drug coverage with a Medicare Advantage Plan.

By determining what type of coverage you currently need and what you could possibly benefit from in the future will ultimately help you make the right choice.

Tip #2: Look at costs…

While you may find a Medicare plan that meets your coverage needs, you should also make sure it meets your budget needs. Just as each part of Medicare provides different coverage, they also come at different prices. 

For Medicare Part A, many beneficiaries receive it premium-free. However, if you have to purchase Part A, you could pay anywhere from $252 to $458. Part A also has a deductible of $1,408.

For Medicare Part B, the standard premium as of 2020 is $144.60. The deductible for Part B is $198.

For Medicare Part C and D, the monthly premiums vary by plan and insurer. However, for Part C, premiums can be as low as $0, but you still are responsible for the Part B premium, and the Part A premium if you have one.

Tip #3: How much flexibility do you need?

Depending on the Medicare plan you choose, you may be restricted to certain network providers and doctors. This is something you should look carefully into if you want to continue seeing your current doctor, or do not want to choose a primary care physician. 

With Original Medicare, you are not limited to any specific network, but to receive coverage for services, you must receive care from a facility and doctor that accepts Medicare. 

With Medicare Advantage Plans, you may or may not be required to stay within the plan’s network, choose a primary care physician, and receive referrals to see specialists. Each Advantage Plan is different, so you must look into each one before making a decision. Also, you must ensure that you are within the plan’s service area to enroll.

Bonus Tip!

By consulting insurance experts, like the ones with Barnhart Insurance Group, you can receive expert advice and guidance on determining which carrier offers the best price, and which plan provides the coverage you need. To see which Medicare plan may be right for you, call 586-506-0340 today!