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Choosing a Medicare Plan
There are many Medicare plans to choose from. So, when choosing a Medicare plan, what should you look for? What pros and cons should you take into consideration?
Cost and Coverage
Each Medicare plan, whether it be Medicare Advantage, a supplement plan, or Original Medicare alone, has their own out-of-pocket fees to account for. These are some key costs you should consider for each plan:
- Yearly Deductible
- Monthly Premium
- Copayment/Coinsurance
- Limited Out-Of-Pocket Charges
- Out-Of-Network Care
Coverage is also a very important factor to consider when choosing a Medicare plan. Do you need prescription drug coverage? Then an Advantage plan may be better suited for you. You don’t need additional coverage such as dental, vision, or hearing care? You may prefer Original Medicare.
If you need cost coverage not available under Original or Advantage Medicare, you may want to consider a Medigap plan.
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Network and Quality of Care
Consider whether or not you need coverage outside a specific network of healthcare providers. Most Original Medicare plans require you to visit specific medical offices under the plan, which may limit your coverage options and potentially lower your quality of care.
If you want a wider range of care, you may want to choose a PFFS or PPO Medicare Advantage plan. If you are fine with a smaller network of doctors to have lower payments, you may prefer a Medicare Advantage HMO plan.
Also, consider whether or not you will need care outside of the United States. If so, a Medicare Advantage plan may not be your best option, as most plans do not cover foreign emergency care. Original Medicare, typically when paired with a supplement plan, does cover foreign care.
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