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September 4, 2020
Choosing a Medicare Plan
What Medicare Options Are There?
For the most part, everyone has heard of Medicare in some type of capacity. Either they currently have the insurance or knows someone who does. One of the great things about Medicare is the many options it offers its beneficiaries. Breaking it down, you have Original Medicare (Part A and Part B), Medicare Advantage (Part C), Prescription Drug Coverage (Part D), and Medicare Supplemental insurance.
Each part of the plan has its own benefits.
Three Things to Consider When Selecting a Medicare Plan
While the numerous options are great as it provides flexibility in customizing your plan, it can also be quite overwhelming at first. Below are three factors to help you better understand and decide what criteria you should consider before selecting any of the options above.
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1. Costs
As you explore the different insurance plans in Medicare and other products outside of the policy, it is important to keep costs in mind. Many people will either decide to enroll in either an Original Medicare plan or a Medicare Advantage plan. Both are great options, but one can end up costing you more than you think.
Original Medicare consists of Part A and Part B and is the most frequently used part of Medicare. However, there are no limits to the amount you could pay per year in out-of-pocket expenses. One way to protect against a hefty yearly medical payment is through the use of supplemental coverage. In comparison, Medicare Advantage plans tend to have limits on out-of-pocket expenses per year. This helps keeps the beneficiary protected if they have high expenses and provides a more cost-effective way of staying covered.
2. Other Coverages
Having an insurance plan that provides coverage for the services you need is one of the most important elements of choosing the right plan. You can select the highest rated insurance policy, but if it doesn’t provide you with everything you might require, then it isn’t the best plan for you.
Coverage under Original Medicare is consistent and provides a basic plan that works for many people. Services such as medical care and supplies rendered in a hospital, doctors’ office, or other healthcare facilities are covered under the plan. Medicare Advantage is also required to offer the same coverage, but can also include routine care for benefits like vision, dental, and hearing.
3. Prescription Drugs
Whether you are only sick once a year or have a chronic illness that persists constantly, prescription drug coverage is important to have. The costs of medicine are quickly on the rise, and without the right protection in place, the expenses can be costly. For those who decide to go with Original Medicare, it is important to consider Medicare Part D. This section of the Medicare plan will help cut down on your out-of-pocket expenses from brand-name and generic prescription drugs. Medicare Advantage plans tend to have some form of drug coverage built-in. However, it is still a good idea to review and compare it with Part D to see which is more cost-effective.
John Kyle Insurance – An Agency You Can Rely On
Making decisions about healthcare and insurance is never easy. It is only made more difficult by the ever-changing options available. At John Kyle Insurance, our goal is to help you through the Medicare process and make it as easy and painless as possible. To get started, give us a call at (440) 230-1223, and one of our agents will schedule your free consultation.