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Tips For Choosing The Right Medicare Plan

Medicare offers several coverage options. It’s easy to get overwhelmed. However, when you assess your priorities for what you’d like in a health insurance plan, you will have an easier time picking the best one.

Determine The Coverage You Want

Medicare consists of the following:

  • Part A – Inpatient coverage
  • Part B – Outpatient coverage
  • Part C (Medicare Advantage) – A combination of inpatient and outpatient coverage, with bonus features like dental, vision, and hearing
  • Part D – Prescription drug coverage

Some choose Medicare Parts A and B, known as Original Medicare.

Medicare Advantage requires enrolling in Parts A and B first. Some Medicare Advantage plans also have prescription coverage.

Part D is necessary if you don’t already have drug coverage. If you have Original Medicare, you’ll need to get Part D. The same applies if your Medicare Advantage plan doesn’t offer drug coverage. Delaying enrollment in Part D can result in a late enrollment penalty.

Consider Where You Prefer To Get Medical Services

Original Medicare is accepted all around the U.S. in nearly every hospital. Your Original Medicare plan will apply its coverage in the same way no matter where you are in the U.S. If you like this freedom of choice, Original Medicare may be right for you.

Medicare Advantage plans typically have a coverage network comprising a select group of healthcare providers and facilities. While you won’t be able to get coverage in any facility that accepts Medicare, it’s a plus if you prefer seeing the providers in your network. Some Medicare Advantage plans may give you additional discounts for visiting certain physicians.

Assess Whether You Want Supplemental Coverage Or An Annual Out-Of-Pocket Limit

Medicare Supplement Plans, also known as Medigap, lower out-of-pocket costs. For instance, Part B covers 80% of the expenses for outpatient treatments or services. After Medicare pays, your Medigap plan will cover as much as it can of what’s left, which may be enough to leave you without any out-of-pocket costs.

You can have Medigap with Original Medicare but not Medicare Advantage. However, with Medicare Advantage, you can get a plan with an out-of-pocket limit, in which you’ll pay no more than a certain amount each year. After you reach this limit, Medicare Advantage will cover all costs for you. Original Medicare doesn’t have this option.

Find Out What Works With Your Current Plan

Suppose you already have an employer’s health insurance, such as group health coverage. In that case, you must contact your insurer or benefits administrator before enrolling in Medicare. You’ll be able to find out what works and what doesn’t work with your plan, which may be the deciding factor in the Medicare plan you choose.

Choose The Right Plan Today

At KBI Solutions, we will take all the stress out of selecting great coverage. We’ll find you a Medicare policy that covers everything you need for the lowest price. Call us today at (254) 918-5444 to learn more.