When you turn 65 years old, you become eligible for Medicare. You might think the process of enrolling will be a simple matter, but that’s not exactly the case. You will actually face a web of different options, and choosing the right path can save you a significant amount of money on your healthcare expenses over the years.
For example, your first decision will involve choosing between Original Medicare (possibly with a Supplement Plan) and Medicare Advantage.
Medicare Supplement Plan. If you decide to stick with Original Medicare, you can add a Supplement plan to help with some of your uncovered costs (such as copayments and deductibles). You can even use a Supplement plan to cover some expenses incurred outside of the country, such as when you’re traveling.
Medicare Advantage Plan. Medicare Advantage plans are offered by private insurance companies, who contract with Medicare to provide coverage. These plans encompass both Medicare Parts A and B, and usually include prescription drug coverage as well.
Beyond those first two choices, we also recommend that you consider…
Do you want to have a PPO? Let’s say you have several health care providers in different areas, that you prefer to continue seeing. Perhaps one is your primary physician, while another is a specialist, and so on. If that’s the case, you might do better with a Medicare Supplement Plan. Medicare Advantage Plans have many benefits, but they can often restrict your access to certain providers within 30 miles of your home.
What prescriptions do you take? There are plans that specialize in certain types of medications. In Riverside County alone, there are more than 66 Medicare Advantage plans, and they all cover prescription medications very differently. One plan might charge a copay for your medications, while you could access your prescriptions for free on another plan.
Signing up for Medicare can be overwhelming, with so many options in front of you. If you give me a call I would be happy to sit down with you and help you analyze your needs in a Medicare plan. Then together we can identify a Medicare Supplement or Advantage plan that best suits your needs.