Medicare coverage offers health care coverage for Americans aged 65 or older. However, since there are many different coverage options available, finding the right Medicare plan for your needs can be confusing.
Fortunately, there are convenient modern tools like the Hella Health personal shopper that will match you to the best Medicare plan based on your profile and needs. It is also important to keep the following factors in mind before you settle on a Medicare plan.
1. Consider the cost of the Medicare plan
Although Medicare is a federal program, you will still incur some costs depending on the plan you choose. If you are on Original Medicare there is no limit to out-of-pocket costs such as copays and deductibles. Medicare supplement plans can help to cover some of these out-of-pocket costs but you will have to pay extra to get a Medicare supplement plan.
Medicare Advantage plans have a cap on out-of-pocket costs which may make them more affordable in the long run.
2. Consider the kind of coverage that you need
Medicare plans offer different levels of coverage so it is important to consider what your health care needs are and find appropriate coverage. Original Medicare for instance will cover basic health expenses but does not include coverage for dental, vision, or hearing aids.
You may also need to purchase Medicare Advantage or Medicare Part D if you want a plan that covers prescription drugs.
3. Consider the provider network available on the Medicare plan
When choosing a Medicare plan, it is important to consider whether your preferred healthcare providers accept Medicare or are listed in the provider network of the Medicare plan.
Medicare Advantage plans like HMO plans will limit you to using a specific network of providers while PPO plans offer more options in terms of the providers you can use.
4. Consider your lifestyle
Some Medicare plans may be more appropriate for certain lifestyles. For instance, if you travel frequently outside the U.S you may need to purchase a Medicare supplement plan since Original Medicare does not cover care when you are traveling outside the U.S. Medicare Advantage Plans also do not cover care outside of the U.S.
5. Consider the quality of care available on different plans
The quality of care available on different Medicare plans and provider networks can vary. It is important to consider what kind of care you can get on a particular plan to ensure that your healthcare needs will be sufficiently met. If you are not sure which plan will suit your needs best, you can get help in comparing plans and choosing the best option for your needs.
6. Consider your other coverage
Before settling on a Medicare plan, it is important to factor in any other coverage you have and how it would work with Medicare. If you have coverage from an employer or private insurer, consult your benefits administrator to find out how a Medicare plan will affect your existing plan.
Take-away
There are plenty of options when it comes to Medicare plans but the best plan for you will depend on your needs. It is important to compare plans and find the best plan for you based on costs, coverage options, and your healthcare needs.
