How Do I Know Which Medicare Plan Is Right For Me?

August 2, 2021
Medicare plans

With so many Medicare plans to choose from and personal factors to consider, how can you decide which plan suits you? Here are a few easy, sure-fire ways to get you started down the right path towards having the best coverage.

Know Your Options

You may not have noticed it by now, but there are a lot of Medicare plans to choose from. The fact that you are asking which plan is right for you, however, probably means that you have a pretty good idea of the scope of Medicare. Knowing your options is one of the first steps towards choosing the right plan.

The first and most well-known of the plans is Original Medicare, which includes Part A and Part B, which include emergency hospital and nursing home visits and general medical care, including preventative and generally “medically-necessary” items services.

Medicare Advantage, which lowers your out-of-pocket costs for Original Medicare while also providing a few additional benefits, has 4 different types of plans to choose from, each with its own unique healthcare network structure, relative cost, and benefits.

All Part D plans provide coverage for prescription drugs, but depending on the plan and insurance company, the costs and types of drugs covered will vary.

Finally, there are 10 different Medicare Supplement plans. These plans cover a huge variety of costs not covered by Original Medicare alone, including copayments and deductibles. As you are investigating your options, just remember that you cannot have a supplement and Medicare Advantage at the same time.

Know Your Budget

With each of these different plans comes a different price point to consider for your budget. Having an idea of how much you are willing to pay for the most amount of coverage will narrow down many of your choices. This means ruling out more expensive, higher-coverage plans in favor of the lower-cost, lower coverage options, and vice versa, as well as ruling out either extreme for something in the middle.

Consider Your Health Needs

Along the same lines, you need to know what benefits you will actually use. If you are in fairly good health, for example, you may be satisfied with just Original Medicare. However, enrolling in a supplement, Advantage, or Part D plan later if you need it may hurt you a lot more than paying a few extra premiums. You could instead get a low cost, low coverage option, then get a plan with more coverage later on if needed. The same can be said the other way around–get a high-coverage plan to start, then tone it down later on.

Seek Out Help

Now that you have an idea of the coverage you have to choose from, where do you go from here? This information just barely scratches the surface of what each plan has to offer, not to mention choosing a provider to purchase from.

For more in-depth, long-term, and personalized help choosing a plan, you will do best if you contact an agency like Healthcare Solutions Direct. We walk every step with you from start to finish, and make sure that you have the Medicare plan that works best for you. To get started, give us a call today.

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