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How to Choose the Right Medicare Plan?

By Oscar McAlister posted 11-05-2020 00:06

  

Medicare has come a long way since it was first offered in that it now offers a lot of healthcare options. Most U.S. citizens are eligible for Original Medicare which is a healthcare plan that’s provided courtesy of the government. 


Recently, even better options have been added to Medicare that are aimed at providing beneficiaries access to better healthcare without paying through the nose. 


This includes Medicare Advantage plans as well as Part D drug plans that can be added to Medicare Supplement or Medigap plans as well as original Medicare plans. 


Read on for tips on how to pick the best Medicare plan for your healthcare needs and your budget. 


  • Figure Out What Health Care Coverage You Need

If you want a simple healthcare plan that covers the basics, then you’ll be happy with an Original Medicare plan.


It includes Medicare Part A which covers hospital insurance, as well as Part B which covers Medical insurance. Prescription medications are covered in a separate plan known as Part D. 


Medicare Advantage plans are a combination of Parts A, B and D and are often referred to as Medicare Part C or Medicare Advantage Prescription Drug plans. 


These are comprehensive plans that often include benefits that you won’t get from Original Medicare, such as health and wellness checkups, dental, as well as vision and hearing benefits. 


These all come standard as part of the plan and it’s a plan that allows you to prepare for the unexpected and it gives you peace of mind knowing that you can cover the cost of any illness or emergency. 


  • Ask If Your Doctors Are Part of the Plan's Network

If you have Original Medicare cover then you can consult with any Medicare physician. 


But, with a Medicare Advantage plan, you’re limited only to healthcare facilities, hospitals and doctors that are part of your plan’s network of accepted practitioners.


If Medicare Advantage Plans 2021 makes more sense to you, then make sure that your preferred physician and healthcare center is a part of your plan’s network. If not, then find a physician that you’re comfortable with within the plan’s network. 


  • Check All Plan Costs

The main costs that you need to look at with each plan are its premiums, coinsurance, copays and deductibles. 


You should also find out how much you’ll need to pay for other services such as inpatient hospital care, outpatient surgery and X-rays. Find out if you’ll be required to pay out of pocket or if there’s an annual limit to it. 


Then, decide based on how the plan meets your healthcare and financial goals. 


  • Learn More About Your Prescription Drug Coverage

Any plan that comes with coverage for prescription drugs will come with a drug formulary. 


This is the list of prescription medications that are covered in the plan. Make sure that your prescription medication is in it. 


Find out how much you’ll need to pay for generic drugs in comparison to brand-name drugs and whether or not you need prior authorization to access your medications. 


Also, find out if the pharmacies closest to you are included in the plan. 


  • Check If There Are Any Extra Benefits

Lastly, check the plan to see if it offers cover for hearing aid, vision care, dental and fitness benefits. 


These benefits often come standard with Medicare Advantage Plans or as an add-on. But, they’re not included in Original Medicare. 

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