Your Ultimate Guide to Choosing the Perfect Medicare Plan
Many people believe that they don’t have to worry about medical issues after signing up for Medicare. Sadly, nothing could be further from the truth.
Original Medicare Part B only covers 80% of the cost of most hospitalizations and other healthcare issues. You may need to get coverage from a supplemental plan to ensure your health needs are met.
Importance of Medicare Advantage Plans
When it comes the time for choosing a Medicare plan, it’s easy just following the recommendation of a family member or friend on which plan will be suitable for you. If it is working for them, then it will definitely work on you, right? Well, that’s not always the case. Everybody is different. They have their own needs and preferences, meaning that there’s a high chance they will want the same from their respective Medicare plan. Some people may feel confident about going with Original Medicare providing Part D coverage or Original Medicare. Some may prefer the benefits and coverage a Medicare Advantage plan can provide.
These aren’t fringe plans that don’t offer any benefits. Kaiser estimates that 34% of Medicare beneficiaries have a Medicare Advantage plan.
In case you aren’t sure what to do and what is on offer, read on. Want to make the most from your Medicare shopping escapade? Here’s how:
Enrol early
Did you know that up to three months prior to your birthday month, you can still sign up for a Medicare plan? In the event you are getting Social Security benefits, you will be enlisted in Part A and Part B automatically the moment you turn 65 years old. If you are not receiving anything, you can make an application when you reach 64 years and 9 months old. This process makes sure that the day you are eligible, you will get coverage and not a face any late enrollment fees for a lifetime. You also have the chance of signing up during your birthday month and proceeding three months later.
You can evaluate your coverage each year
You can opt to change your Medicare coverage during the enrolment period that happens annually between October 15 – December 7. To ensure you get the best value, it’s always worth it to investigate your various options. It’s crucial to have a grasp of the entire cost your plan will entail including co-pays, premium, your coinsurance and deductible. Some plans have a $0 premium, but you will still be liable for other extra costs associated with the policy.
Select a plan with an extensive network
If you are covered under Original Medicare, you can consult a doctor accepting Medicare. But in the case of a Medicare Advantage plan, you will want to see the hospitals and doctors that are in your network. Go to your primary care health practitioner, any professionals you see and preferred hospitals.
Check out what’s NOT covered
Dental isn’t covered under Original Medicare, hearing or vision. But you can locate some Medicare Advantage plans 2020 that implement this in their plans. As you assess your options, take into consideration the sort of care you may require in the coming year. You should also not forget exploring the advantages that come built into every plan.
Don’t miss the deadline for enrolment
At the age of 65, there are times one may have the health insurance coverage of their spouse or employer. You can delay your enrolment for Medicare in this situation. Upon losing that coverage, you have to sign up in eight months.
Choose the Right Medicare Plan
You need to choose the right Medicare Advantage plan to cover health costs during retirement. The good news is that you can find plenty of options if you know where to look.
