When it comes to choosing a Medicare plan, following a friend or family member’s advice can be tempting. After all, if it works for them, it’ll work for you too, right? Unfortunately, this is not always true. Since everyone has different needs, they’ll want different things from a Medicare plan. Some people may feel completely confident in Original Medicare or Original Medicare + Part D coverage, while others may want the coverage and benefits that a Medicare Advantage plan can offer. If you’re not sure about what you want, read on for some Medicare shopping tips.
Enroll Early
You can sign up for Medicare three months before your birthday. So, if you’re currently receiving Social Security benefits, you’ll be enrolled in Part A and Part B automatically when you turn 65. If you haven’t signed up, you could do it when you’re 64 years and 9 months old. Doing this ensures that you have coverage the day you’re eligible and that you don’t pay any late enrollment fees.
Review Your Coverage Every Year
You may choose to switch your Medicare coverage during the annual enrollment period which is from October 15- December 7. To ensure that you’re still getting the greatest value, it’s worth investigating your plan options. Try to understand the full costs of your plan, including the copays, your premium, deductible, and coinsurance.
Choose a Plan with An Extensive Network
With Original Medicare, you have the choice to see any doctor who accepts Medicare. With a Medicare Advantage plan, you’ll have to see which doctors and hospitals are in your network. You can also look for your primary care physician, any specialists you’ve been visiting, and your preferential hospitals.
Check out What’s NOT Covered
Original Medicare doesn’t always cover dental, vision, or hearing. But, you could find Medicare Advantage plans that do. As you begin evaluating the options, figure out what kind of care you’ll need in the upcoming year. Also, don’t forget to explore the benefits built into each insurance plan.
Don’t Miss the Enrollment Deadline
Most people have health insurance via their employer or their spouse’s employer at the age of 65. If you’re in this situation, you can choose to delay your Medicare enrollment. The catch is that you’ll need to sign up within eight months of losing that coverage. If you forget, you’ll face an expensive fee.
