There are lots of important factors to consider when choosing a Medicare plan. It’s crucial to pick the right plan to fit your healthcare needs, and we can help you sort through the different plans with different coverage options to choose one that is best.
PREMIUMS AND COVERAGE
First, you need to decide between premiums vs. coverage, i.e., do you prefer a low-premium plan or a plan that offers extra coverage? Choosing a plan with a lower premium can result in lesser coverage. However, a plan with a higher premium typically has more coverage to offer. Before deciding on a plan, make sure to review your healthcare needs and budget.
There are two main options to choose from after enrolling for Medicare. First, you can choose to stick with Original Medicare or enroll in Medicare Advantage.
Original Medicare consists of two parts – Part A and Part B. The two parts cover various medical expenses such as doctor visits, hospice care, and inpatient care.
Part A covers
● Nursing home care
● Hospital care
● Hospice care
● Other medical costs
Most people who have Medicare do not need to pay Part A premiums if they have paid enough Medicare taxes. However, there is a deductible for hospital stays and coinsurance payments for long-term care.
Medicare Part B covers
● Outpatient services
● Medical supplies
● Doctor visits
● Ambulance rides
● Preventive services
Part B has monthly premiums, which are deducted automatically from Social Security benefits.
You can also enroll in a Medicare Supplement plan with Original Medicare to get additional coverage for costs, such as deductibles, coinsurance, and copayments.
Medicare Advantage plans cover the same benefits offered by Medicare Parts A and B. They are sold by private insurance companies and often include additional benefits such as hearing, vision, and dental coverage. Many Medicare Advantage plans also include prescription drug coverage.
To enroll for a Medicare Advantage plan, you need to:
● Have Medicare Part A and Part B
● And continue to pay your Part B premiums
● And pay your Medicare Advantage plan premium.
However, some Medicare Advantage plans have a $0 premium, but the cost of Medicare Advantage plans varies based on age, medical history, and coverage options.
PRESCRIPTION DRUG COVERAGE
The next thing to consider when choosing a Medicare plan is if you need prescription drug coverage. The older you are, the more likely it is you will have some prescriptions. If you need coverage, you can enroll for Medicare Part D or a Medicare Advantage plan with prescription drug coverage.
We understand how complicated it can be to understand each plan, but how important it is to make the right decision. So let us help you find a Medicare plan that is right for your healthcare needs. Contact Medigap Supplement Headquarters today.
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