Medicare is a federal program run by the state, which aims to provide low-cost or even free health coverage to low-income beneficiaries. Qualified applicants can receive Medicare benefits depending on the level of their income and resources, and other options such as supplemental plans and Medicare Advantage plans are also available.
To find a suitable Medicare plan 2019 beneficiaries can just use an online tool that uses specific information about the person to find the right plans for him or her.
If you want to choose the Medicare coverage by yourself, you can do that too. Just make sure you account for the following factors so that you too can find the right plan.
Costs
The costs refer to the premiums you have to pay each month, along with the deductibles, co-pays, and co-insurance expenses you have to pay out of pocket when you receive healthcare services.
In Original Medicare, the premiums are very low. However, there’s no limit in how much you have to shell out for out-of-pocket expenses per year unless you get some sort of supplemental coverage that offers a limit.
In Medicare Advantage plans that include both Original Medicare and supplemental coverage, there’s a yearly limit. Once you reach this limit amount, you won’t have to pay anything else for the healthcare services you receive.
Coverage
The right kind of coverage is crucial, because you want to cover the services that you know you will need. On the other hand, you don’t want to increase your premiums paying for coverage you don’t need.
The Original Medicare coverage is pretty basic with its Part A (hospital insurance) and B Coverage (medical insurance). Many find the coverage inadequate, which is why they may spring for supplemental coverage.
You can also go for Medicare Advantage plans instead, which offers additional coverage benefits such as vision, hearing, and even dental services. You can pick and choose the kind of additional coverage you want included in these plans that aren’t part of Original Medicare coverage.
Compatibility with Your Current or Supplemental Plans
If you have another health insurance plan while you also have Medicare, you need to make sure how your other plan works with Medicare. If you have Original Medicare, you can supplement the coverage with Medigap policies. You can’t get a Medigap policy for a Medicare Advantage plan, as this type of plan already has supplemental coverage in addition to Original Medicare coverage.
Prescription Drug Coverage
This is the Medicare Part D coverage that many people obtain in addition to original Medicare Part A and Part B. It is also included in most Medicare Advantage plans, but if it isn’t included in yours you’re allowed to get a separate Part D coverage.
This is a crucial coverage to obtain when you’re a senior citizen or you have a chronic ailment. The cost of prescription drugs can be overwhelming without financial assistance from insurance.
Doctors and Hospitals Choice
In Original Medicare, you can go to any doctor as long as they accept Medicare. On the other hand, some Medicare Advantage plans require you to only seek healthcare services from their network of doctors and hospitals. However, other Medicare Advantage plans do allow for out-of-network coverage.
You should then check out how close these network doctors and hospitals are to your home. You should also try to gauge the quality of care you will get from these network doctors and hospitals.
Travel
What happens if you travel a lot? What if you require medical services when you’re out of your home state or out of the country? In general, Original Medicare doesn’t cover healthcare expenses outside the country. Even most Medicare Advantage plans have the same limitation. However, there are Medigap policies for foreign travel emergency care.
With all these factors considered, you may then find the most suitable Medicare coverage for yourself.
