4 Things to Look for When Comparing Medicare Plans

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Getting the right Medicare health and prescription drug plan ensures that you have access to affordable health care, medicine, and other services. However, comparing Medicare plans may seem a complex endeavor. Fortunately, the Medicare Plan Finder, available online at Medicare.gov, can help you determine which plan is best suited for your needs. The four tips below can help you easily use the Medicare Plan Finder to select an appropriate plan.

Consider Total Cost for Care

When reviewing your options, consider how much you’ll be out of pocket with each plan you’re reviewing, including any drug costs, maximums, coinsurance, copayments, and deductibles. The Plan Finder from Medicare explains the costs of each plan.

Review Provider Choices

If you only want to look at plans your current doctor or pharmacy accepts, make sure that the providers you want are within the plan’s network.

Look at Plan Benefits

The Medicare plans on your radar should offer the benefits you need, whether that’s vision and hearing, dental, or prescription drug coverage. If you travel, look for plans that cover you even when you go out of state. The Medicare Plan Finder lets you filter plans by benefit so that you get the benefits that are important to you.

Take Overall Star Ratings Into Consideration

The performance and quality of Medicare plans are rated using a star system. Five-star plans are considered to be the best. Remember, once a year, you can take advantage of the 5-Star Special Enrollment Period to switch from a lower-performing plan to a five-star plan.

Ready for a New Medicare Plan?

Keep in mind that you can only enroll in a Medicare Drug Plan (Part D Medicare) or a Medicare Advantage Plan during the open enrollment window. This window is from October 15 through December 7 each year. Some beneficiaries may be able to enroll during other specific periods, such as during their initial enrollment period when they’re new to Medicare. 

Additionally, some may qualify for a special enrollment period when certain life events occur, such as moving to a new area that is not within your plan’s service area or losing employer-sponsored coverage. In addition, you can switch Medicare Advantage Plans or drop a plan and revert back to Original Medicare from January 1 to March 31 each year, which is Medicare’s late enrollment window.

For help choosing the right Medicare supplement plan, check out our informative Medicare guides and forms or reach out to Medicare On Video today.

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