How to Compare Medicare Plans
May 29, 2024 | John Demko
When it’s time to sign up for Medicare, there is a lot of information to take in. Signing up for Original Medicare Parts A and B is typically a rather straightforward process, but when it comes to comparing and choosing a supplemental Medicare plan, there are many options, and it can quickly become overwhelming.
Medicare consists of several different parts of coverage. Medicare Part A and Medicare Part B make up Original Medicare, which provides hospital coverage and doctor care, among other services. Find out more about what Original Medicare covers : What Do I Get With Original Medicare? From there, many seniors will elect some type of supplemental coverage for a more robust coverage to fill in the gaps of original medicare and to receive additional benefits. The most common types of coverage options are Medigap policies (commonly referred to as Medicare Supplements), Medicare Advantage Plans and Medicare prescription drug plans (PDP’s). With several types of plans and dozens of insurance companies offering each kind, it can be challenging to determine what is most suitable for your unique needs. That’s why our team at Twin City Underwriters put together a list of the most practical ways to compare your options.
How to Compare Medicare Plans
Here are practical and effective strategies for comparing Medicare plans. We find that most individuals utilize one or more of these methods to navigate this important decision.
Medicare and You Guide
The Official Medicare Handbook is a resource available to all Medicare beneficiaries. This comprehensive booklet provides helpful information on the different parts of Medicare and supplement plan options. One thing to keep in mind is the Medicare and You handbook highlights plans available across the country, therefore there may be some plans listed that are not available in your service area. This Medicare Decision Guide can be a good place to start to learn more about original medicare and the different types of plans, however it can be a lot of information to absorb on your own.
Medicare Workshop
A Medicare workshop is a great alternative or addition to the Medicare decision guide described above. In a Medicare workshop, an experienced licensed medicare agent will explain various components of Medicare to you. These can be live events in person at a central meeting location near you or virtual webinars available online. Medicare workshops can vary in the information covered; some will provide you with the foundational building blocks that make up Medicare, others will go more in-depth on the various supplemental plan types you can choose from, and some will cover specific plans available from an insurance company. At Twin City Underwriters, we provide all of these options so you can feel informed and empowered to make the right decisions on your medicare plan selections.
Find Out What You’ll Learn at a Medicare Workshop
Medicare.gov
Another way to compare various Medicare plans available in your area is by using Medicare.gov. Medicare.gov is part of the government website for Medicare where you can provide your zip code to view all Medicare plans available in your service area. If you are taking prescription medications, you can enter those in to see how they are covered by each plan. This can be a helpful tool for comparing plans available from different insurance companies contracted with Medicare. Seeking assistance from a qualified, experienced professional can alleviate costly mistakes and help you better understand the details when using this software.
Find Out How to Set Up MyMedicare.gov
Working with a Broker
An insurance broker is a licensed insurance agent that represents various insurance companies. An insurance broker helps you find a policy tailored to your lifestyle. They assess your needs, recommend suitable coverage within your budget, and clarify policy details you may overlook. Some brokers specialize in specific insurance types; the agents at Twin City Underwriters specialize in Medicare Advantage (MA/MAPD) and Medicare Supplement plans, as well as Part D Prescription Drug Plans (PDPs) and more.
Learn More: What is an Insurance Broker and Why Would I Use One?
Twin City Underwriters SurePlan® Medicare System
Comparing Medicare plans isn’t a ‘one and done’ event. In fact, Medicare enrollees are encouraged to review their plans at least once a year during the Medicare Annual Enrollment Period (AEP), which runs annually from October 15th to December 7th. With Twin City Underwriters’ SurePlan® Medicare System, we are available at any point of your Medicare journey and provide year-round support. This includes a guaranteed annual review (when scheduled by the end of September) ensuring your Medicare Health Plan selection suits your personal health and lifestyle needs.
Learn More About Our SurePlan® Medicare System
We understand that navigating the complexities of Medicare can be overwhelming, which is why, at Twin City Underwriters, we provide our clients with information and options to learn about all options available. We strive to empower you with the knowledge and clarity you need to make informed decisions about your healthcare coverage, and our trusted Medicare agents are available to answer any questions as they arise, help you choose and enroll in the medicare plans that are most suitable for your individual health and lifestyle needs.
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. Attend an online Medicare webinar, in-person Medicare workshop, or 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, BlueCross BlueShield of Minnesota, Medica, UCare, United HealthCare and more. We work with you to find the best plan for your needs and budget. Contact us today to get started.
