How to choose the right Medicare coverage for you

As you get closer to your retirement date, the first priority is to start planning ahead to meet your health care needs. Enrolling in Medicare may seem like an obvious choice if you're 65 or older, but if you're used to your employer's coverage, you probably do not know where to start. Continue reading to find out which Medicare option is best for you. You may get one that is very similar to the current coverage your employer gives you.

Types of Medicare plans

Medicare may seem like alphabet soup.

·        Original Medicare is comprised of Part A and Part B

·        Medicare is administered by the federal government, and Part A generally does not have premiums for many, while Part B requires payment of monthly premiums. 1,2

·        The Part A is hospital insurance.

·        The Part B is medical insurance that covers doctor visits, outpatient care and certain home care services.

·        The Part C , also known as Medicare Advantage, offers all the benefits of Original Medicare, unless hospice care.

·        Medicare Advantage plans are offered by private insurance companies, and the costs of premiums, deductibles, co-payments and co-insurance may vary depending on the plan you selected. 3

·        The Part D is prescription drug coverage and is usually included in Medicare Advantage plans.

However, if you choose Original Medicare, you must enroll in Part D coverage in parallel. Part D has its own costs, premiums, co-payments, co-insurance and deductibles, different from those of Original Medicare.

Choose a plan

When choosing coverage, you must choose between Original Medicare and Medicare Advantage. Of the two, Medicare Advantage plans are the most similar to the type of group health plan you may have had as an employee. They are usually more complete, since many of them usually include vision, dental, and hearing coverage, in addition to prescription drug coverage.

If you believe that Medicare Advantage best fits your needs, the next step is to choose the plan. When you compare Medicare Advantage options with the coverage your employer gives you, carefully analyze the following:

·        Doctors and health care centers that are included in the plan's network

·        The list of covered services

·        The cost of premiums, co-payments and co-insurance

·        The amount of the deductible

·        The maximum amount of out-of-pocket expenses and coverage limits, if any

·        Possible major health problems that may arise in the future

Choosing a Medicare Advantage plan that is very similar to the type of health insurance you have always had can make switching to Medicare Palm Beach less stressful. Remember to review your plan options each year during the open enrollment period of the fall to see if that plan continues to meet your health care needs.

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Created on Jul 20th 2019 10:17. Viewed 269 times.

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