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Doctors, prescriptions, costs, and extra benefits are all important factors to way in your decision
When you become eligible for Medicare, one of the most important decisions you will make is selecting a Medicare plan that best suits your health care needs. There are several things to consider when picking a Medicare plan, including the network of doctors, drug formulary, premiums, deductibles, costs, and supplemental benefits like over-the-counter allowances. In this article, we will discuss each of these categories in more detail to help you make an informed decision.
One of the most important things to consider when selecting a Medicare plan is the network of doctors. Medicare Advantage plans typically have a network of doctors that you can choose from, while Medicare Supplement plans allow you to see any doctor who accepts Medicare. It's important to determine if your preferred doctors are in the plan's network or if you're willing to switch to new doctors.
If you have a primary care physician or specialist that you regularly see, make sure they are part of the plan's network. If not, you may need to switch to a new doctor or pay out-of-network costs. Additionally, if you travel frequently, make sure the plan's network extends to the areas where you will be traveling. If you need emergency care while traveling outside of the network, you may be responsible for additional costs.
Another important consideration when selecting a Medicare plan is the drug formulary. A drug formulary is a list of prescription drugs that are covered by the plan. Not all Medicare plans cover the same drugs, so it's important to review the formulary to ensure that the medications you take are covered.
If you take a lot of medications, it may be worth considering a Medicare Advantage plan that includes prescription drug coverage. However, be sure to review the plan's formulary to ensure that your medications are covered. If your medications are not covered, you may need to switch to alternative medications or pay out-of-pocket costs.
Formularies change each year.
A large portion despite drug costs increasing
Another important consideration when selecting a Medicare plan is the premiums, deductibles, and costs. Medicare Part A, which covers hospital stays, is typically free for most people. However, Medicare Part B, which covers doctor visits and other outpatient services, has a monthly premium. The premium for Medicare Part B is based on your income, so higher-income earners may pay a higher premium.
In addition to the monthly premium for Medicare Part B, you may also have to pay deductibles and coinsurance for certain services. Medicare Advantage plans typically have their own premiums, deductibles, and coinsurance, so it's important to review these costs when selecting a plan.
Lastly, supplemental benefits like over-the-counter allowances can also play a role in selecting a Medicare plan. Many Medicare Advantage plans offer supplemental benefits like dental, vision, and hearing coverage, as well as allowances for over-the-counter items like vitamins and supplements.
If you have specific health care needs, such as dental or vision care, it may be worth considering a Medicare Advantage plan that offers these benefits. However, be sure to review the plan's coverage and costs to ensure that the benefits are worth any additional premium costs.
According to the Kaiser Family Foundation, 97% or more of individual Medicare Advantage plans offer vision, fitness, telehealth, hearing, or dental benefits, however looking at the graphic below there are many more benefits that are offered in certain plans.
While it is always a good idea to shop your options for supplemental benefits, Keen Advisors can also help you set these benefits up and activate them so you can start enjoying their value. These benefits can be hard to set up to get the most out of, but we're happy to help.
When comparing Medicare plans, it's important to consider all of the categories listed above. One way to do this is to use the Medicare Plan Finder tool on the Medicare website. This tool allows you to enter your medications and preferred doctors to compare Medicare plans and determine which plan best fits your needs.
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