Whether you’re choosing Medicare coverage for the first time or you’re preparing for the yearly open enrollment period, you need to make some very important decisions. Should you purchase Medicare Supplement Insurance or choose Medicare Advantage instead of the Original Medicare?
When it comes to Medicare coverage, the choice is yours as it depends on your needs and preferences.
So, before you select any plan, make sure to keep the following things in mind:
1 Be Knowledgeable About The ABCDs Of Medicare
Medicare has a total of four parts, which include A, B, C, and D. If you want to choose the perfect Medicare coverage for you, it’s crucial to know what’s covered in every part so you can make a wise choice. This is especially true if you’re confused with several options like Accendo Medicare supplement plans.
a Part A – This covers in-patient care in skilled nursing facilities and hospitals. It also includes some home healthcare and hospice care.
b Part B – This part covers doctor visits, preventive healthcare, durable medical equipment, outpatient hospital services, and other home health services. Part B also covers 80% of an individual’s healthcare costs, which leaves holders to cover the remaining 20% out of pocket. Usually, for Parts A and B, there’s no yearly limit on out-of-pocket costs.
c Part C – This is also referred to as Medicare Advantage, which combines both Part A and Part B into a single plan and includes prescription drug coverage and some features and benefits not included in the Original Medicare such as gym memberships, vision, 24/7 access to healthcare professionals, and disease management programs.
The Medicare Advantage plan also covers more benefits compared to before, and these include services such as adult daycare services, over-the-counter (OTC) drugs, and transportation to doctor visits. Plus, it covers several health-related services, which promote your wellness and health. Unlike other Medicare Coverage plans, Medicare Advantage is offered by many private health insurance companies.
d Part D – This covers the dental cost of the different prescription drugs you use. It’s possible to enroll in a standalone Part D plan even if the majority of Medicare Advantage plans include prescription drug coverage.
Other than Medicare’s main parts, there are also Medicare supplement plans that are sometimes called Medigap plans. Such plans help cover some costs that Part A and Part B don’t pay, and these include deductibles, copayments, and coinsurance.
2 Review Your Finances And The Plans’ Costs
Due to the uncertainties and unpredictable changes brought about by the pandemic into people’s finances, it’s crucial to review whether your finances are affected, so you can quickly determine if the premiums would fit into your budget.
Assess your finances to know if it can pay your plan’s coinsurance amounts, copays, and deductibles. Moreover, check if your medications are covered by your preferred plan. If you don’t plan to change your Medicare coverage, it’s essential to ensure that your drugs will still be covered.
3 Check For Specialty Benefits
If you’re a Medicare beneficiary, you might be surprised that Original Medicare doesn’t cover most dental, hearing, and vision services, as well as prescription drugs. However, most Medicare Advantage plans cover them.
So, if you’re re-enrolling or enrolling for the first time, ask if your preferred Medicare plan covers your healthcare needs and whether any changes on the plans for the upcoming year would impact you. If you’re looking for something that covers your medications’ costs, choose either a Medicare Advantage plan or a Part D plan.
Knowing what different Medicare coverage options to choose from can help you determine which one is right and best for your healthcare needs. Aside from that, it’s essential to keep your finances and costs in mind to know what you can afford and which coverage plan is worth it.