If you’re looking to apply for Medicare in the coming year or will be changing your policy during the next enrollment window, you’ve got a lot of choices to make. What plans do you want to choose? Do you want Medicare services from the government, or from private providers?
At Good & Associates, we specialize in helping people make these choices. Each person’s situation is different, and we urge you to seek counseling before signing up. That way, you can get expert advice when making your decision. However, we can still provide a quick overview of your options.
Understanding Your Choices When You Apply for Medicare
I. Medicare Parts A and B
Medicare Parts A and B usually come as a package, called Original Medicare. Part A provides insurance for hospitalization, and Part B insures your regular doctor’s office visits. With these plans, the government is your insurer and pays for hospitalization and doctor’s appointments through your Medicare.
It’s important to keep in mind that Original Medicare doesn’t necessarily pay all medical expenses. In particular, long-term care usually is not covered.
II. Medicare Part D
Medicare Part D adds prescription drug coverage to your insurance. While not a required part of Original Medicare, it is recommended in most situations if you’re already choosing Medicare Parts A and B. Otherwise, all your prescriptions would have to be paid out of pocket!
If you apply for Medicare Part D, make sure you have a full list of prescriptions you’re taking, and the reasons for those prescriptions. This helps make sure you get coverage for the medications you need.
III. Medicare Advantage (formerly Part C)
Medicare Advantage is a different type of Medicare coverage. Rather than having your insurance provided directly by the government, Medicare Advantage insurers are private companies. They are, however, vetted and overseen by the government to make certain they’re offering quality plans and properly using the Medicare funds they receive.
There is a wide range of Medicare Advantage plans, and many of them include coverage not in traditional Medicare A, B, and D. For example, you may be able to get vision or dental coverage. However, your out-of-pocket expenses can vary significantly, depending on the insurer you pick.
If you’re thinking of choosing Medicare Advantage, you want a good health insurance broker to help you find the best plan for your needs! Contact our team today to schedule a consultation.