Choosing the Right Medicare Coverage

,As you approach age 65, Medicare is on your radar. Medical expenses are one of the biggest costs you’ll face. Making a smart decision about Medicare coverage can do a lot for your health and your wealth.

To get started, you will want to make sure you are choosing the right coverage option and considering any extra coverage you may need. But how do you enroll in the plan that keeps you covered at a price point that fits your budget? These steps will show you how to do exactly that.

Choosing Between Original Medicare or Medicare Advantage

The alphabet has never seemed so confusing as it does when most people start looking at Medicare options for the first time. Think of your coverage options as Original Medicare and Medicare Advantage to help you pick the option that is best for you.

Original Medicare is Medicare Part A and Part B. This coverage is offered through the government. It covers hospital care (Part A) and medical insurance (Part B). It is likely you will enroll in Part A as soon as you are eligible. However, not everyone will or should enroll in Part B right away. If you meet certain criteria, it may make sense to not enroll in Part B immediately. Once you are enrolled in Part B, you will pay for the monthly premium even if you never use it.  

Medicare Advantage, sometimes referred to as Part C, is another option. This Medicare coverage includes the same coverage as Parts A and B (hospital and medical coverage). It also offers vision, hearing and prescription coverage. Depending on your current health needs, this might be the better choice for you.

Should you choose Medicare Advantage, it is important to remember you have some flexibility here. Reviewing your coverage annually is the smart move. The annual enrollment period (AEP) for 2019 coverage begins on October 15 and ends on December 7. During this time, you can make changes to aspects of your policy.

Nearly 1 in 5 people enrolled in Medicare Advantage switched their policies, according to a study conducted in 2016 by the Kaiser Foundation. Reviewing your plan can keep more money in your pocket. It will also ensure your healthcare providers accept your Medicare Advantage plan.

Deciding on Extra Coverage

Now that you have determined which Medicare coverage option is right for you, you will want to customize your coverage by considering any extras. The biggest consideration is Medicare Part D. If you do not have prescription drug coverage (likely because you chose Original Medicare), you can add Medicare Part D. Part D coverage provides different plan options for prescription drug coverage.

If you elect Plan D coverage, it is worth remembering this can be changed. To keep more money in your pocket and to keep your coverage needs met, you will definitely want to revisit your Plan D coverage each year. This is especially important if you begin taking a new medication since copay costs can vary.

Determining What’s Best for You

SelectQuote will help you decide the best Medicare insurance plan for you. To begin, try our online questionnaire to help you determine the Medicare plan that works best for you and your needs.

In addition, the SelectQuote Senior site is full of helpful information about Medicare and how to work with us to help you select the best coverage. Your SelectQuote licensed agent is always available to help weigh your options. It helps to always have someone on your side to help sort through any confusion.

Finding the Right Medicare Coverage Pays Off

The old adage is true: Your health is your wealth. It is also true that no one wants to overpay for healthcare coverage they don’t need. Understanding your Medicare options and how to add extra coverage is an important first step. Continue to review your coverage and plan options annually to take care of both your health and your wealth in retirement.

 

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