What to Consider When Comparing Medicare Plans

August 25, 2020 | Debby Jesser

Choosing a Medicare plan isn’t easy. There are an almost endless number of options and it can be confusing to understand your options. When comparing plans, follow these guidelines from Medicare.gov to choose the best option for your needs:

1. The Total Cost for Care

Each plan will have different costs associated with it. In addition to your monthly premium, you may have additional out-of-pocket costs: deductibles, copayments, coinsurance and out-of-pocket maximums. You may also have a prescription drug deductible. It’s important to consider all these costs when comparing plans, not only the monthly premium.

2. Your Provider

There are many providers to choose from. If you have an existing doctor or preferred pharmacy, it’s important to check to make sure they’ll be in network for your Medicare plan. You should also make sure there are providers conveniently located.

3. What Coverage You Need

Some Medicare plans include prescription drug, vision, hearing and/or dental coverage – and some don’t. Additionally, if you travel often you may want to choose a plan that will cover you domestically and internationally.  It’s important to consider your health needs when choosing a plan.

4. The Star Rating

On the Medicare website, plans are ranked with a “Star Rating.” The overall Star Rating gives a ranking of the Medicare plan’s quality and performance for the types of services that each plan offers. Learn more about Star Ratings in our blog: Star Ratings and Why They Are Important.

Choosing a Medicare plan can be difficult, but by using the guidelines above you can narrow down your options. Working with an insurance broker can help cut through the noise – an insurance broker will do the legwork for you to find a plan that fits all the above criteria. Schedule a one-on-one meeting with one of our insurance brokers to get your insurance questions answered!