As you turn 65, Medicare can take over your healthcare decision making. But with so many different types of Medicare plans available, it can be difficult to choose the right plan for your needs. Each Medicare plan is different, and you want to ensure all your health needs are covered and are within your budget.
Fortunately, the choice doesn’t have to be difficult, and you can decide which plan is right for you. This guide details what you need to know to choose the best plan for you.
Original Medicare or Medicare Advantage?
This is the first big decision for new Medicare enrollees. Original Medicare comprises Medicare Part A and Part B. Part A provides coverage for inpatient services, while Part B covers outpatient services, lab work, doctor visits, and preventive care. Medicare Part A is free for most people who qualify for Medicare. With Part B, beneficiaries need to pay a monthly premium of $144.60.
Medicare Advantage (Medicare Part C), on the other hand, is offered by private insurers approved by Medicare to provide at least the same level of benefits as Part A and Part B. Unlike Original Medicare, Medicare Advantage uses a network of health care providers. Although you can see a physician out of the network, the charges are higher. These plans also provide additional benefits that can’t be obtained with Original Medicare.
Do You Need Prescription Drug Coverage?
Prescription drugs are costly, especially for those who take multiple prescriptions every day. Even though seniors make up less than 15% of the United States population, they take 1/3 of the total prescription drugs consumed in the country.
About 90% of seniors consume at least one prescription drug per month. All of these costs can add up if you don’t have any level of drug insurance coverage. So, it is vital to have prescription drug coverage, which can be bought as a standalone plan with Part D or through a Medicare Advantage Plan.
Do You Need Medicare Supplement Coverage?
Medicare comes with varying costs, which include premiums, copayments, coinsurance, deductibles, and more. Medicare Supplements, also known as Medigap coverage, can help you cover these costs. They come in many different forms – Plan A, B, C, D, F, G, K, L, M, and N. All these plans help cover varying levels of out-of-pocket expenses. Medicare Supplement coverage is perfect for Medicare beneficiaries who use their Medicare service more frequently and those with high out-of-pocket costs.
Get A Medicare Expert on Your Side
If you have been looking for help to choose the right Medicare plan, look no further than Turning 65 Solutions. We can help you find the right Medicare plan for you that fits within your budget.