Choosing the Best Medicare Plan

Choosing the best Medicare plan isn’t just about comparing different premiums. You want to consider several other factors and ensure that they’re in line with your specific needs and circumstances. These include:

Explore and Learn about Your Options
Before deciding, be sure to discover all the options at your disposal and weigh them to go with the right one. Which one of the two Medicare plans (Original Medicare and Medicare Advantage) suits your needs? The former is a government-issued fee-for-service plan, and it comes in two parts: Part A, which is hospital insurance, and Part B, medical insurance. And if you want coverage for your prescription drugs, you’ll need to enroll in Medicare Part D.

Medicare Advantage is another option you may want to consider. It’s usually provided by private carriers and may be set up as a fee-for-service, HMO, PPO, or other plans. Basically, it includes Part A, Part B, and prescription drug coverage and may offer dental, vision, among other services.

Consider Your Coverage Priorities
As we’ve mentioned above, various Medicare plans offer different coverages. So it’s overly critical to dig into each plan and determine what coverages would fit your specific needs and circumstances. Are your doctors and medications covered by a certain plan? Do you want nationwide access? These are the most important questions to ask yourself, but you also want to look into dental, vision, or other ancillary benefits included with a plan.

Review the Benefits You may Already Have
One grave mistake that most people make is not reviewing their coverage annually. Plans and coverages change each year so it is important to review them. Also, an individual’s medical and prescription needs may change and they may need to explore other coverage.

Talk to an Expert
Consulting with a reliable Medicare coverage solutions expert is your best bet at guaranteeing that you get everything right. The best Medicare advisor will present all the facts you need in black and white, ensuring that you make the most sound decision about your healthcare plan. For instance, if you have a pre-existing condition, an advisor will help you choose a personalized plan befitting your medical and financial circumstances.

Changing Your Medicare Plan

Are you looking to change certain aspects of your current Medicare coverage? Here are a few opportunities to do so:

During the Annual Open Enrollment (October 15 – December 7)
When the window opens for new Medicare enrollments, you get the opportunity to make various changes to your plan, including:

• Switching from Original Medicare to Medical Advantage, or vice versa
• Switching from one Medical Advantage plan to another
• Joining a Medicare Part D prescription plan
• Switching from one Part D prescription plan to another
• Dropping your Part D coverage permanently

During the First Year of Enrollment in Medicare Advantage
You can make the following changes when it’s your first time as a Medical Advantage plan enrollee:

• Switch back to the Original Medicare plan
• Switch back to your Part D prescription plan
• You may also have guaranteed-issue access to Medicare Supplement Insurance (Medigap)

During the Medicare Advantage Open Enrollment Period
(January 1 – March 31)
If you’ve already enrolled in Medicare Advantage, you can make the following changes to your plan:

• Switch to Original Medicare and enroll in a Part D prescription plan
• Switch from the current Medicare Advantage plan to a different one
• N/B: You can only make one change during this enrollment period

Anytime During the Year
If you’re enrolled in Original Medicare, you can apply for and switch to a different Medigap plan. Please note, however, that if it’s not during your one-time Medigap enrollment window, your insurer will most likely use medical underwriting to tell whether to issue a different policy and at what price.

Enrolling in a Medicare Supplement
Insurance (Medigap)

Medigap serves as a crucial supplemental coverage for senior citizens who decide to stick with the Original Medicare. Among other benefits, it helps cover out-of-pocket expenses that aren’t taken care of in traditional Medicare. And perhaps the biggest reason people prefer this supplement insurance is that it gives you the power to choose your preferred doctor or hospital.

So, what does it take to enroll in a medical supplement insurance plan? Here are a few things to keep in mind:

• You must be 65 years or older
• You must be enrolled in both Medicare A & B
• If you’re under 65, you may be eligible to enroll in a Medigap plan if you’ve been on a Social Security disability for at least 24 months in a row.
• During your initial Medigap enrollment (the first six months starting with the month you’re at least 65 and have Medicare A & B), you can’t be denied coverage or get charged more for it, regardless of your present medical condition.
• However, after the 6-month window closes, Medigap carriers in most states will need medical underwriting to determine your eligibility for coverage and premiums.
• If you’re under 65 but eligible for Medicare due to a disability, these 33 states provide a guaranteed issue period within which you can acquire your Medigap plan.

You can learn more about your state-specific Medigap policies by checking with your State Department of Insurance. Even better, be sure to call one of our experts via 877-752-1350 for informed guidance on finding the best Medicare plan in your area.