Choosing a Medicare Plan

Medicare is a massive, comprehensive health plan run by the federal government. Its size and flexibility means that there is something for everyone. However, it also means that it can be a confusing system to navigate. Choosing the best plan for you can be daunting. Use our simple steps to choose the best Medicare Plan for you.

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1. Choose an agent

Choosing an agent early on can help you avoid headaches later. An agent can help you decide which type of Medicare Plan you want. They can then help you compare between individual plans. Agents also know the companies and plans in your area, which helps you get the best, most reputable plan for your budget.

2. Decide between Medicare Advantage and Original Medicare

First, decide on whether you want Original Medicare or Medicare Advantage. Original Medicare is better for people who want to minimize their monthly premiums. These people may also be satisfied with more basic features. Medicare Advantage is better for people who want extras, like gym memberships, dental insurance, and vision and hearing coverage.

3. Decide on whether you need Medigap Coverage

If you choose Original Medicare, you may want to consider Medigap policies. Medigap policies, also known as Medicare Supplement Plans, can cost you more in the short term but save you money in the long term. These plans are sold by private insurance companies and cover out-of-pocket expenses leftover by Original Medicare. These plans cost an extra monthly premium, but they may save thousands throughout the year.

4. Decide on Prescription Drug Coverage

If you choose Original Medicare or a Medicare Advantage Plan without prescription drug coverage, you will have to decide on what type of drug coverage you want. Medicare Part D is an optional portion of Medicare. These plans are sold by private insurance companies and cover prescription drugs. While you are not necessarily required to have prescription drug coverage, you will face a late fee if you forego coverage and then decide you would like it at a later time.

5. Compare individual plans

Medicare Advantage, Medicare Part D, and Medicare Supplement Plans all have one thing in common: they are sold by private insurance companies. This means that the plans will differ depending on your area and the insurance company. An agent is especially helpful when comparing between individual plans. However, you can also use online comparison tools.

Choosing a Medicare plan can be intimidating. Having an agent can help you make the best decision for you. At Medicare With Jake, we serve the greater Wichita, Kansas area to help you achieve your health and financial goals. Call us to get started!