What to Consider Before You Enroll in Medicare
As inflation continues to rise, many people are looking for ways to save money on health care costs. If you are eligible for Medicare, there are a few things you should consider before enrolling in a plan.
- Your health needs: What are your current health conditions? Do you need prescription drugs? Do you want coverage for dental, vision, or hearing care?
- Your budget: How much can you afford to pay in premiums, copays, and deductibles?
- Your lifestyle: Do you want a plan that gives you freedom to see any doctor or hospital? Or do you prefer a plan that has a narrower network of providers?
- Your preferences: Do you want a plan that offers extra benefits, such as transportation assistance or fitness classes?
Once you have considered these factors, you can start to research Medicare plans. There are two main types of Medicare plans: Original Medicare and Medicare Advantage.
- Original Medicare: Original Medicare consists of Part A (hospital insurance) and Part B (medical insurance). Part A is free if you or your spouse paid Medicare taxes for at least 40 quarters. Part B premiums are deducted from your Social Security check.
- Medicare Advantage: Medicare Advantage plans are private health insurance plans that offer all the benefits of Original Medicare, plus extra benefits like prescription drug coverage, dental, vision, and hearing care. Medicare Advantage plans also have different rules about copays, deductibles, and networks of providers.
The best way to choose a Medicare plan is to talk to a licensed Ashford Insurance agent. They can help you compare plans and find one that meets your needs and budget.
Here are some additional tips for choosing a Medicare plan:
- Enroll during your Initial Enrollment Period (IEP): This is the seven-month period that starts three months before you turn 65. If you enroll during your IEP, you will not have to pay a late enrollment penalty.
- Compare plans carefully: Review the plan’s premiums, copays, deductibles, and out-of-pocket maximum. Make sure you understand the plan’s network of providers and what benefits are covered.
- Read the plan’s fine print: Don’t just rely on the plan’s summary of benefits. Read the entire plan carefully to understand all the terms and conditions.
Choosing a Medicare plan can be a complex decision. But by taking the time to research your options and compare plans, you can find a plan that meets your needs and budget.
Here are some additional resources that can help you choose a Medicare plan:
- Medicare.gov: https://www.medicare.gov/
- Social Security Administration: https://www.ssa.gov/
- National Council on Aging: https://www.ncoa.org/
