Tips for Picking the Right Medicare Plan

Medicare is a government health insurance program for people aged 65 and older and some younger individuals with disabilities. It helps cover expenses like hospital stays, doctor visits, and specific treatments. There are different parts to Medicare, like Part A for hospital coverage and Part B for medical services. Learn how to choose the right type of Medicare.

The Cost

Medicare coverage costs can vary based on several factors, including the specific parts of Medicare you choose and your individual circumstances. Generally, Medicare consists of multiple parts: Part A, Part B, Part C, and Part D. 

For most people, Part A is premium-free if they or their spouse paid Medicare taxes while working. Part B typically has a monthly premium, the amount of which is income-dependent. Part C and Part D plans are offered by private insurance companies, so their costs can vary significantly based on the coverage they provide.

Medicare Advantage plans (Part C) often include coverage beyond Original Medicare (Part A and Part B), such as vision and dental benefits, and may have varying premiums or additional costs. Part D costs also vary depending on the specific prescription drug plan you choose.

Your Other Coverage

There are additional types of coverage that can complement or enhance your Medicare benefits. These other coverages include employer-sponsored health insurance, Medicaid, Medigap (Medicare Supplement Insurance), and Medicare Advantage plans. Explore how these other coverages can affect your choice of a Medicare plan.

Medicaid is a state and federally funded program that provides health coverage to eligible low-income individuals and families. If you qualify for both Medicare and Medicaid (dual eligibility), Medicaid can help cover some of the costs that Medicare doesn't cover. Medicaid can significantly enhance your Medicare benefits and help you manage your out-of-pocket expenses.

Medicare Advantage plans are comprehensive health plans offered by private insurance companies. These plans include all the benefits of Original Medicare (Part A and Part B) and often include additional benefits like vision, dental, and prescription drug coverage. Some Medicare Advantage plans also offer benefits like fitness programs or transportation services. When you enroll in a Medicare Advantage plan, you're still part of the Medicare program, but the private insurance company provides your coverage.

Your Needs

Before reviewing specific Medicare Advantage plans, determine your healthcare needs and preferences. Use these steps to help you identify what you need from your healthcare coverage.

Assess Your Current Health Status

Consider your current health conditions, the medications you're taking, and any ongoing medical treatments you need. This will help you understand the types of medical services and specialists you may require.

Evaluate Your Healthcare Usage

Reflect on how often you visit doctors, specialists, hospitals, and other healthcare providers. Do you have regular medical appointments or specific medical needs that require frequent attention?

Consider Prescription Medications

If you take prescription medications, make a list of them and check whether they are covered under different plans. Some Medicare Advantage plans offer comprehensive prescription drug coverage.

Think About Preferred Doctors and Hospitals

If you have preferred healthcare providers, such as specific doctors, specialists, or hospitals, ensure that the Medicare Advantage plans you're considering have these providers in their network.

Anticipate Future Needs

Consider any potential changes in your health or medical needs in the coming year. Are you planning any surgeries, treatments, or procedures? Will your healthcare requirements change due to aging or other factors?

Know Travel Considerations

If you travel frequently, ensure that the Medicare Advantage plan provides coverage for medical services outside your local area.

American Eagle Health Insurance is the ideal choice for parents seeking family coverage, seniors navigating the senior marketplace, and employers in need of competitive employee benefits solutions offering health, dental, and vision insurance plans. Contact us for personalized insurance solutions.