Choosing a Medicare Plan
You’re in the right place! Here you’ll find all the information you need to transition into Medicare.
Medicare Supplement And A Stand-Alone Part D Plan
This option combines Original Medicare Parts A and B, a Medicare Supplement, and a stand-alone Part D plan. The Medigap plan helps with Medicare’s out of pocket costs, and the Part D plan covers outpatient prescriptions. Both Medicare Supplements and stand-alone Part D Plans have monthly premiums so this combo can be expensive, but it is the most popular way to free yourself from hospital and doctor networks giving you the freedom to go to any hospital or doctor in the country as long as they accept Orignal Medicare.
A Medicare Advantage Plan
Medicare Advantage plans are private insurance plans that are subsidized by the federal government. Many Medicare Advantage plans have doctor networks, but there are some that allow you to see any doctor you want as long as they accept Medicare. When seeing a doctor out of network, you may be subject to higher cost-sharing than if you see an in-network provider. Part C plans may have copays, coinsurance, and deductibles and often include prescription drug coverage. Part C plans usually have low monthly premiums some as low as $0 per month, and many of them offer extras like comprehensive dental coverage at little or no additional cost. Medicare Advantage plans can be a great way to simplify Medicare by putting your health and prescription benefits all on one insurance card, and making your cost-sharing both predictable and affordable.
Original Medicare And A Stand-Alone Part D Plan
You may choose to use Original Medicare Part A and B, and enroll in a Stand-Alone Part D plan. The benefit of this option is that you have no doctor networks, you can go to any doctor that accepts Original Medicare. If you choose this coverage option be aware that you will be responsible for all of the deductibles, coinsurance, and copays associated with Original Medicare, which is roughly 20 percent of your healthcare costs.
How To Choose
Base your decision on your personal needs and budget. Consider things like how comfortable you are with doctor networks, how often you go to the doctor, and your prescriptions. Generally, if you think about those things carefully, your decision will be clear. Get help from unbiased, licensed professionals who work with many insurance carriers and understand your local Medicare market.
Want to learn more about Medicare?
Check out our free Medicare decision guide!