IF YOU ALREADY HAVE MEDICARE, IS YOUR PLAN RIGHT FOR YOU?

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Finding the best Medicare Supplement plan to fit your health needs can be complicated. Here are questions you should ask yourself when researching your options. The best Medicare plan for you will depend upon your individual healthcare needs. Here are the key things you should consider when choosing a Medicare Supplement plan and provider.

The Centers For Medicare Services (CMS) suggest that you consider the following when choosing Medicare coverage:

1. How Much Will the Medicare Supplement Insurance Cost?

Determine the total cost of your monthly premiums, any deductibles, and other expenses you will incur using the plan you select. You should ask the provider how much you’ll pay for doctor visits and hospitalizations. Also, find out if you will have any annual limits on your out-of-pocket costs for these services.

For example, if you use only Original Medicare without a supplement, you won’t have a limit on the amount of out-of-pocket costs you may incur. This is why people often choose a Medicare Supplement plan like Medicare Advantage (Medicare Part C).

With Medicare Advantage plans, you will have a cap on the out-of-pocket costs you’ll have to pay each year. After you reach this amount, you won’t have to pay for any covered healthcare services for the remainder of the year. This is why Medicare Advantage plans are so popular with seniors.

2. What’s Covered in the Medicare Insurance Plan?

Does the plan cover the healthcare services you’ll require? For example, will it include hearing aids, dental, and vision services?

Original Medicare (Medicare Parts A and B) only covers services and supplies for hospitalizations, in doctor’s offices and other healthcare settings.

The best Medicare Advantage plans (also referred to as Part C) cover the services that Part A and B cover, as well as additional services like prescription & over-the-counter drugs, and devices for vision, hearing, and dental care.

3. What Other Health Insurance Coverage Do You Already Have?

If you already have health insurance or prescription drug coverage from an employer, ask the insurance provider how this will work with Medicare. You can also ask your health benefits administrator at work.

Consider what you may be paying now for covered services. It may be worthwhile to sign up for a Medicare Advantage plan if the cost share is lower than what you’re paying with your current health insurance.

Remember, many Medicare Advantage plans also offer vision, hearing, dental, and a host of other services that your current coverage may not provide.

4. Will You Need Prescription Drug Coverage?

The cost of prescription drugs is always on the rise. Seniors on a limited income may not be able to afford the prescriptions they need. The best Medicare Supplement plans include prescription drug coverage. If yours doesn't, you may be able to join a separate Part D plan.

You can sign up for a Medicare Advantage plan (Part C) or you can access Medicare Part D through a Medicare Supplement plan that includes prescription drug coverage. With this option, you'll have your Medicare Part A (hospital insurance) and your Medicare Part B (medical insurance), as well as your prescription drug coverage (Medicare Part D).

5. Will the Medicare Supplement Plan You Select Cover Your Choice of Hospitals and Doctors?

When you choose a Medicare Supplement plan, you should use healthcare advisors who participate in the plan’s network.  Be sure to ask how close the plan network’s doctors, hospitals, and pharmacies are to your home.

Some Medicare Supplement insurance plans will offer out-of-network coverage. Find out if yours does and if you will have any additional fees for using them.

6. What Is the Quality of Care Provided by the Medicare Insurance Plan?

The quality of healthcare services offered by each Medicare Supplement plan will vary depending on their providers. Every year CMS rates each provider on a scale of 1 to 5 stars with 5 being the best. Find out how Medicare rates each plan you’re considering and compare plans.

7. Will You Be Able to Obtain Healthcare When You Travel with the Medicare Supplement Plan?

With Original Medicare only, you won't be able to obtain covered healthcare services outside the United States. The same goes for most Medicare Advantage plans. Check to see if the plan you're considering offers additional coverage for healthcare services or supplies outside the United States. If the Medicare Supplement plan you’re considering doesn’t offer emergency care outside the United States, you’ll want to purchase supplemental insurance that offers travel coverage.

Steps to Take Now: For more information about the Best Medicare plan for you or a loved one, contact a licensed expert to determine your options for Medicare. They will ensure that you choose the best coverage for your particular situation. Be sure to stay informed, do your research, and use the services of a professional when it comes to Medicare. BTW, Medicare plans change annually.  Be sure to get a "Medicare Check-UP" each year as you can potentially save a lot of money and worries if you do.