When you turn 65, you will likely begin receiving multiple packets and phone calls offering information about your Medicare options. The basic tips below can help you select a lifelong, worry-free plan that best fits your specific needs.
Understand Medicare
Medicare Part A (hospital insurance) – Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care and some home health care.
Medicare Part B (medical insurance) – Part B covers certain doctors’ services, outpatient care, medical supplies and preventive services.
Medicare Part C (Medicare Advantage Plans) – A Medicare Advantage Plan is a type of Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits.
Medicare Part D (prescription drug coverage) – Part D adds prescription drug coverage.
Before Considering Medicare Advantage
Before considering coverage other than traditional Medicare, such as Medicare Advantage, or purchasing additional coverage, consider these 8 points:
1. Coverage: How well does each plan cover the services you need?
2. Your other coverage: If you have other types of health or prescription drug coverage, make sure you understand how that coverage works with Medicare.
3. Costs: How much are your premiums, deductibles and other costs? Is there a yearly limit on what you could pay out-of-pocket for medical services?
4. Doctor and hospital choice: Do your doctors accept the coverage? Do you have to choose your hospital and health care providers from a network?
5. Prescription drugs: Do you need to join a Medicare Prescription Drug Plan? Will you pay a penalty if you join a drug plan later? What will your prescription drugs cost under each plan?
6. Quality of care: Are you satisfied with your current medical care?
7. Convenience: Where are the doctors’ offices? Can you get your prescriptions by mail? Is the pharmacy you use in the plan’s network?
8. Travel: Will the plan cover you if you travel to another state or outside the U.S.?
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