5 Tips For Choosing The Right Medicare Plan For You

Choosing the right Medicare plan for your needs can sometimes feel overwhelming. Between the different plans, coverage levels, and prices, it’s not always easy to know what’s best for you. Luckily, there are answers out there. Below are 5 simple tips to help you choose the best plan for you based on your individual needs:

1. Consider Your Budget

Some plans have lower monthly premiums but higher deductibles and copays than others. Remember that this price is all relative – if you need medical treatment more consistently, a higher premium with no deductible will be more cost effective than a lower premium with deductibles.  Consider what help you’ll need most consistently, and select an appropriate plan based on your needs.  

2. Consider access

It is also helpful to consider what type of access your doctor and hospital network provides with your new plan. Often, the plans which offer access to the most preferred and select doctors are more expensive. This is especially true with some of the newer medicare advantage plans, including emergency and urgent care visits in their coverage right out of the gate.  If you’re not in a major city, then your plan may not have access to a less expensive or affordable doctor or even one nearby. It’s important to consider your location when you’re choosing a plan.

3. Consider the Costs

Many of us need prescription drug coverage with Medicare; not all plans provide this. It depends on your chosen plan and how much you’re willing to pay for it. Some plans provide more coverage for your prescriptions than others, so it’s important to understand the costs of each plan you’re reviewing.  Investigate and see what specific costs are covered and what else you’ll need to pay when seeking treatment.

4. Consider the Extra Benefits

One thing to remember is that medicare advantage plans often provide other benefits. Things like free credit scores, free identity theft protection, and more are often included with many of these plans. These extras help you save money and can lower costs for you in the long run.

5. Consider the Quality of Care

Finally, you should choose a plan that suits your needs and provides high-quality care. It’s very important to find a plan that will cover all the services you need without requiring you to pay out of pocket each time you need them. While it may be enticing to save money on premiums by choosing a plan with higher deductibles and copays, this can cost more in the future if you can’t afford to meet those deductibles.

It is crucial to choose a plan that fits your budget, provides the right plan for you and your family, and that you feel comfortable with for the long term. Being insured is one of the best ways to prepare for the inevitable difficulties that life will throw at you. Hopefully some of these tips have helped you learn more about some of the details that might be useful when choosing a Medicare plan.  It’s never an easy choice to make, but it could very well be life-saving in the long run.