Factors to consider
Your choice in Medicare Plans may be influenced by:
- Types of healthcare needs
- Whether you want all-in-one coverage or supplemental coverage
- Income level
- Available plans in your area
Types of healthcare needs
This is to be considering enrolling in Original Medicare (Medicare Parts A and B), Medicare Advantage (also known as Plan C), or joining a Medicare Supplement Plan (Medicare Part D) alongside your Original Medicare coverage.
You also have to know what you need before you can take any further steps with your plan. Part A is required, but the other Medicare Parts are optional. But here, you will see the downsides of not enrolling in these Medicare Parts:
- Unless you enroll in Medicare Part A first, you can’t have coverage through another part of Medicare.
- If you’re not enrolled in Medicare Part B, you won’t be able to get Medicare Advantage (Medicare Part C) or a Medicare Supplement Plan.
- Without Medicare Part C, you won’t have the choice of a bundle that includes Part D.
- Without Medicare Part D, your only other options are either having a separate prescription drug plan or having no form of prescription drug coverage and paying the full retail price for the medications you need.
Understanding what you require will determine what the best, most cost-effective option there is for you.
For instance, if you need dental care, then Original Medicare is not the right fit. A Medicare Advantage Plan would be the better choice because some Advantage Plans offer dental coverage.
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All-in-One vs. Supplemental
The type of Medicare Plan you choose affects other health insurance options. If Medicare Advantage is for you, you cannot join any Medicare Supplement Plan.
But, if you have Original Medicare, then you will be allowed to add supplemental coverage. This will help with deductibles, coinsurance, and copayments (though the supplement plans vary in coverage). By choosing this option, you can have additional assistance through Medicare Supplement Plans or even have another form of health insurance, such as one offered through an employer.
Income Level
Income level can be a major factor in choosing your Medicare Plan. Medicare Savings Programs allow for even more personalized coverage based on your level of ome, as you may fall under one of the following categories – Qualified Medicare Beneficiary (QMB), Specified Low-ome Medicare Beneficiary (SLMB), Qualifying Individual (QI), or Qualifying Disabled and Working Individual (QDWI). You may consider Medicaid as well.
Available plans in your area
It is always best to speak with your provider and determine which plans in your area best fit your needs.
If you have any questions about choosing the right Medicare plan, call us today.
