February 03, 2022

Do you need help selecting a Medicare plan? You’re not alone. The options available for this important decision can be overwhelming and confusing. Let us help!

Your Healthcare and Finances Depend On Making Smart Choices
Whether you’re about to turn 65 and enroll in Medicare for the first time or your needs, have changed since you first joined the program, selecting a Medicare plan can be confusing and overwhelming. But choosing the right coverage has a significant impact on your health and finances, so it is critical that you make smart decisions. The first smart decision you can make is finding a reputable health insurance broker specializing in Medicare plans.

Here are seven questions to ask about selecting a Medicare plan once you find the right broker:

What does selecting a Medicare plan mean?
Medicare covers a substantial portion of the healthcare expenses you incur after enrolling, just as your current private insurance does. But like your existing coverage, Medicare Parts A and B, sometimes called “Original Medicare,” does not cover all costs of care, treatments, and other services. As with private insurance, you will be on the hook for copayments, deductibles, coinsurance, and even premiums. And as your healthcare needs increase with age, so too does the amount of money you may need to spend on your care.

Selecting a Medicare plan means enrolling in a plan issued by a private insurance company to cover those costs that Medicare doesn’t pay for or provide benefits not offered by Medicare Parts A and B. There are two types of plans you’ll want to discuss with your broker: Medicare supplemental insurance and Medicare Advantage.

What’s the difference between Medicare supplemental insurance and Medicare Advantage?
Medicare supplemental insurance, also called “Medigap” coverage, takes care of the “gaps” in Medicare, paying for care that could otherwise cost you tens or hundreds of thousands of dollars over time.

These policies, issued by private companies rather than the government, require the payment of monthly premiums that are significantly less than the expenses the policies cover. Medigap plans allow you to choose or keep your doctor as long as the physician or clinic accepts Medicare insurance. There are many Medigap plans varying in cost, level of coverage, and area of availability.

Medicare Advantage plans, also known as Medicare Part C, provide an alternative to Original Medicare Parts A and B. As with Medigap coverage, Medicare-approved private health insurers issue Medicare Advantage plans. By law, these plans must offer at least the same benefits as Original Medicare, but they often include expanded coverage for vision or dental care, prescription drugs, or wellness programs.