How do I choose a Medicare plan?

We continually hear comments from Medicare beneficiaries about how they considered themselves to be intelligent folks until they started trying to figure out Medicare. Don’t be discouraged – Medicare is confusing to most people, and Ashford Insurance is here to help you.

Choosing Medicare supplemental insurance

There are a few considerations to keep in mind as you begin searching for Medicare supplemental insurance. Firstly, you need to understand the difference between a Medicare supplemental policy and a Medicare Advantage plan. They are not the same and in fact, they work completely differently. Once you comprehend how each plan works, ask yourself some of these questions to help you narrow down to which kind of plan might best suit you:

Do your important physicians accept any Medicare Advantage plans or will they only accept original Medicare?

What insurance plans are accepted by the hospitals you prefer?

Do you travel out of the area frequently? If so, you might find original Medicare with a Medicare supplement combined with a Medicare Part D prescription drug plan to be a good fit for you because you can use it for any doctor or hospital in the nation that will accept Medicare.

How much risk tolerance do you have? If you have a year of heavy healthcare spending, do you have enough savings to spend the possible out-of-pocket maximum that a Medicare Advantage plan could require?

And then there’s peace of mind? Will you sleep better at night if you have a low premium and just pay small copays for services as you go? If so, you may be a suitable candidate for a Medicare Advantage plan. By contrast, if you tend to worry about unexpected expenses, a Medicare supplement could give you peace of mind by knowing exactly how much medical spending you will incur regardless of your health. With a Medicare supplement policy, you pay a periodically rising monthly premium whether you use it or not.

Ashford Insurance can help you identify which plan is right for you and how much the monthly premiums will cost in your area. Working with an agent can be immensely helpful so that you get all the statistics you need before you decide, such as rate trend history and financial ratings for various Medicare-related insurance carriers.

Ashford Insurance works with many diverse types of insurance plans, and we can be your one-stop shop for getting the information you need to choose. We assist our clients with finding plans that are accepted by their important physicians and that are also affordable for their budget. Call 817-952-3153 today.