Which Medicare Plan Is Best For Me?

Carolina Insurance partners is your local medicare insurance broker

Which Medicare Plan Is Best For Me?

If you are wondering how to select a Medicare plan and feeling overwhelmed, you are not alone. Though Medicare has worked hard to simplify the Medicare enrollment process, Medicare beneficiaries are faced with a lot of choices. And particularly for Medicare Advantage and Medicare Part D prescription drug plans, coverage options vary from year to year. To help you get started, here are some of the things to consider when choosing a Medicare plan.

Original Medicare or Medicare Advantage

This is the first big first decision for new Medicare beneficiaries. There are two Medicare options you can choose from – Original Medicare or Medicare Advantage (Medicare Part C) plan. Original Medicare, which comprises Medicare Part A and Part B, provides health coverage for most expenses related to hospital stays, outpatient services, doctor visits, lab work, and preventive care. Medicare Part A is free for most enrollees, while Medicare Part B requires a monthly premium.

With Medicare Advantage, on the other hand, you get coverage from private insurance companies approved by Medicare. The plan covers all the same benefits provided by Original Medicare. Most Medicare Advantage plans also include additional benefits such as dental, vision, and hearing and prescription drug coverage which aren’t covered by Original Medicare.

You may opt for Medicare Part C because it features a wider array of benefits. It can also potentially cover some of your coinsurance and copayments from Medicare Part B. However, in addition to the premium you pay for your Medicare Advantage plan, you’ll also need to pay the premium for Medicare Part B. Also, if you opt for a Medicare Advantage plan, your choice of health provider will be limited, and you won’t be able to add any sort of supplemental coverage such as a Medigap plan.

Fill The Prescription Drug Gaps

Despite making up less than 15% of the total US population, seniors consume 1/3 of the medications consumed in the country. So, most seniors need prescription drug coverage as part of their plan. Medications are costly, even if you only take one medication and get it filled every month. The cost of medication can add up if you don’t have any level of drug coverage. This is where Medicare Part D prescription drug plans can be significantly helpful.

This coverage is offered by private health insurance companies approved by Medicare and provides low-cost plans that cover your medication. However, while you are not mandated to choose this plan, you’ll likely pay a late enrollment penalty if you choose not to sign up when you are first eligible unless you have creditable drug coverage.

Consider a Medigap Plan

If you decide to enroll in Original Medicare, you may want to supplement it with a Medigap (Medicare Supplement) plan. These provide coverage for most of the out-of-pocket costs left behind by Original Medicare, such as deductibles, copayments, coinsurance, and so forth. Medicare Supplement is labeled Medicare Supplement Plan A, B, C, D, F, G, K, L, M, and N, and they help cover varying levels of out-of-pocket costs

If you are looking for someone who can help you choose the best Medicare plan for you, contact Carolina Insurance Partners today to get started.

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