Do You Have the Right Medicare Coverage?
November 2, 2017 | Tom Peterson
There are several times when it’s imperative to ask yourself if you have the right Medicare coverage. Of course, when you begin your Medicare journey you’ll want to take time to assess all your options and choose a Medicare plan that is ideal for your lifestyle and needs. However, you may end up finding out that the option you initially chose wasn’t right after all, or perhaps your individual needs have changed since you last enrolled in a plan. This is why regularly asking yourself if your Medicare plan is working for you and reviewing your Medicare coverage is so important.
There are several times throughout the year when you have the option to review your existing coverage and make changes to your plan including the Medicare Annual Election Period (AEP) and Medicare Advantage Open Enrollment Period (OEP). If you already have Medicare but aren’t sure what your plan includes, you can contact your insurance company or work with an insurance broker who specializes in Medicare to help you understand every detail of your plan.
Decide if you Want Original Medicare, Cost Plan, Medicare Supplement or Advantage Plan
You have 4 main choices for Medicare: Original Medicare (Part A and Part B) an Advantage Plan (Part C), a Cost plan (1856) and a Medicare supplement. For a comprehensive list of what is and isn’t covered under each plan, please contact us for a free overview of your options.
Simply put, Original Medicare (Part A and B) is Medicare started by contacting Social Security. Medicare Part A covers inpatient hospital coverage. Medicare Part B is the “medical” portion and includes doctor visits, lab tests and other medical procedures.
Original Medicare does leave some gaps in coverage, as there is not a maximum out of pocket on your patient responsibility which is why many individuals elect to choose additional coverage to help cover costs that Medicare doesn’t – such as copayments, coinsurance and deductibles. You have a few options:
A Medicare Supplement (Medigap) is a health plan in addition to Medicare. These plans do not include a prescription drug plan.
A Medicare Advantage Plan (Part C) is a private plan, that substitutes A and B and typically includes a specific drug plan.
A Cost Plan is a hybrid of a Medicare supplement and an Advantage plan, and is only available in select areas of the country.
Selecting a Medicare plan involves considering cost, coverage, benefits, provider accessibility, and portability, which vary among different plans. It is important to remember that not all plans are created equal.
Find out More: What’s The Difference: Medicare Advantage Plans Vs. Medicare Supplements
Which plan works best for you depends on many factors, including your budget, your employment status and overall health. Our Medicare workshops help you decide your best plan. Click here to find one nearest you.
Decide Which Prescription Drug Coverage (Part D) is Right for You
If you have Original Medicare (Part A and B), you need to choose a Medicare Prescription Drug Plan (Part D). These plans are offered by private companies approved by Medicare. You can find a plan on the Medicare.gov site or by consulting with an insurance professional. Note: All prescription drug plans (PDP) are not the same and cover different medications and have different copays.
If you aren’t sure what Medicare coverage is right for you, please contact us for a free overview of your options. Our in-person Medicare workshops can also help you decide the best plan.
Source: Medicare.gov
This is an updated blog post that was originally published in 2017.
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!
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