Keep This In Mind When Comparing Medicare Plans

If you’re one of them, here are some things you should consider.

Yes, the holidays are upon us, but something more crucial when it comes to your health is underway: Medicare Open Enrollment. From October 15 to December 7, this period gives you the chance to make the most out of your Medicare coverage. How? By first urging you to review your current coverage, and then shopping around for a plan that may better fit your needs.

Why might someone stray from participating in the Open Enrollment Period (OEP)? The work involved with having to compare different Medicare plans. And while this work may seem daunting if you’ve never done it, we’ll tell you what to keep an eye on when comparing plans to make the task much easier.

What To Consider When Comparing Medicare Plans

1. Costs

What’s the purpose of health insurance like Medicare? Beyond boosting your longevity through proper medical care, it’s to help you cover those costs associated with going to the doctor, getting prescriptions, and more. As such, you’ll want to pay close attention to the costs of a Medicare plan when shopping around. And by costs, we’re talking about the total out-of-pocket costs that include everything, such as:

• Copayments
• Deductibles
• Coinsurance
• Drug costs
• Maximums

Looking at plan costs is particularly important for any senior on Medicare, as having to live on a fixed income means less money for medical emergencies that could take cash out of your pocket.

While the thought of having to add and calculate total out-of-pocket costs may seem intimidating, the Medicare Plan Finder tool makes it much easier so you can make a quick and simple comparison. It does so by explaining each plan’s costs and automatically displaying plans with the lowest costs first.

2. Providers

Many Medicare users place a priority on providers. They want the convenience and peace of mind that comes with going to the same doctor and the same pharmacy that they’ve associated with through the years.

If this is important to you, pay attention to each Medicare plan’s network of providers. Check it to see that your doctor or pharmacy is included before making a final decision, or that other providers in that network fit your needs.

Once again, the Medicare Plan Finder helps here, as it will tell you how each plan works in terms of providers.

3. Benefits

Some of us have more medical needs than others, and we may require more comprehensive plans that offer additional benefits.

For instance, if you want a plan that includes dental, hearing, vision, and prescription coverage, a Medicare Advantage plan may be just what the doctor ordered. If you travel frequently or live in different parts of the country as the seasons change, you may need a plan that covers travel.

How can you compare plan benefits with ease? You guessed it – with the Medicare Plan Finder.

4. Ratings

All Medicare plans are not created equal. How can you tell the difference? By star ratings that go from one to five. These ratings are given according to a plan’s performance and quality in the different services it provides. If you see a plan with a 5-star rating in your area, you may want to give it a stronger look.