Once you understand what Original Medicare Part A and Part B offer, it is time to evaluate what the best plan is for you. Remember, Medicare plays an important role in containing medical costs, but Part A and Part B only covers 80% of approved Medicare costs after deductibles have been satisfied by the beneficiary. Now you need to choose a plan that will help you pick-up the other 20% of your Medical costs.
Keep in mind, the least expensive plan is not always the right choice. You need to think about your current and future health care needs when deciding which plan you want because you might not be able to switch plans later. Additionally, your medical needs are not the same as the people you know. There is no right or wrong answer about the plan you choose. Make your decision based on your medical needs, preferences and budget.
Before you decide which type of plan is the best plan for you, you need to ask yourself these 10 questions.
- What is my budget?
- What are the maximum out-of-pocket expenses for plans?
- What are the copays and deductibles for plans?
- Would I rather pay more in monthly premiums and have lower out-of-pocket expenses or pay a lower premium and have a copay for services when they are provided to you?
- Do I want a plan that requires me to stay within a network of doctors? Or, do I want a plan that has no networks?
- Do I want a plan that requires me to get a referral from my primary care to go to a specialist?
- Do I want to travel?
- Do I take any infusion drugs? Many plans only cover 80% of infusion drug costs.
- Extra Benefits: Are extra benefits such as prescription drugs or dental, vision and hearing important to me? Or, can I purchase a separate plan?
- Medical Conditions: You need to consider current and future medical needs.
Learn More: Comparison: Medicare Supplement (Medigap) Plans vs Medicare Advantage Plans
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