6 Things to Consider When Choosing Medicare Coverage
May 9, 2023 | John Demko
When it’s time to enroll in Medicare and elect your Medicare coverage options, there is much to consider! Keep these in mind when comparing your Medicare options:
1. Coverage
When you start Medicare, you will have to decide on what type of coverage will be adequate for your individual needs. Medicare Part A and Part B make up Original Medicare, which can leave gaps in your healthcare coverage. Most will enroll in supplemental coverage such as a Medicare Part C (Medicare Advantage), Medicare Part D (prescription drug coverage), and/or a Medigap policy.
Learn More About the Different Parts of Medicare
2. Costs
For most recipients, Medicare Part A will be premium free. Medicare Part B will have a premium, and the amount you pay is based on your income. In addition to your monthly premium, you may have additional out-of-pocket costs: deductibles, copayments, coinsurance and out-of-pocket maximums. The amount you will need to pay will vary based on your plan selection.
3. Clinic and Doctor Selection
When you start Medicare you will want to make sure any existing doctors you would like to continue receiving care from accepts Medicare assignment. Furthermore, if the plan you choose has a network, such as a Medicare Advantage plan, you will also want to ensure they are in-network with your plan.
Read: The SurePlan® Medicare System Makes Medicare Decisions Easy
4. Prescriptions
Original Medicare does not provide coverage for most prescription medications. In order to receive insurance coverage for prescriptions and avoid penalties, you must purchase a Medicare Part D prescription drug plan (PDP) or a Medicare Advantage plan that includes prescription drug coverage.
5. Travel
It is important to know that not all Medicare plans travel the same. Choosing a plan that provides coverage when traveling domestically and internationally is something you will want to address when enrolling in your Medicare coverage.
6. Dental
Many are not aware that Medicare does not cover most dental services. The need for dental care generally increases as we age; therefore, you may consider enrolling in additional coverage that provides a dental benefit. Some options include a stand-alone dental insurance policy or a Medicare Advantage Plans (MA/MAPD) that covers dental care.
There is so much to consider when planning for retirement and signing up for Medicare. Working with an experienced insurance broker can help you know your plan options and determine what is ideal for your individual needs. Contact Twin City Underwriters for help today.
Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!
Do you need help with Medicare, insurance and health plans? Explore your options with Allina Health Aetna, Blue Cross/Blue Shield of Minnesota, Medica and UCare. We work with you to find the best plan for your needs and budget. Contact us today to get started.
