When you are choosing a Medicare plan, there are some questions you have to ask yourself.
Do you like Original Medicare but are unimpressed with the amount of benefits? Medicare Advantage can provide the extras, including prescription drug coverage.
Do you travel outside the U.S.? Concerned with copayments and coinsurance if you were to have more than 60 days in the hospital? Medicare Supplements are your best bet.
Just need your prescription medication coverage? Medicare Part D is your answer.
Choosing a Medicare Advantage plan
Differences in Medicare Advantage plans are:
- Whether they contain Part D prescription drug coverage
- Primary and specialist copays
- Dental, vision, and hearing coverage
- Other additional benefits (Fitness memberships, transportation to healthcare services, over-the-counter drugs, etc.)
- In-network out-of-pocket max
- Amount of deductible
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Choosing a Medicare Supplement
Each plan will have a different percentage of coverage for the following items:
- Medicare Part A coinsurance or copayment and hospital costs
- Medicare Part B coinsurance or copayment
- First three pints of a blood transfusion
- Part A hospice care coinsurance or copayment
- Skilled nursing facility coinsurance
- Medicare Part A deductible
- Medicare Part B deductible
- Medicare Part B excess charges
- Foreign travel emergency (up to plan limits)
Choosing a Medicare Part D plan
With a Part D plan, the differences in plans will be:
- Cost of your medications
- What drugs are covered
- How you get your medications
Be sure to tell your insurance agent how you like to get your medications and from where. Some plans may not be contracted with your pharmacy or mail-order company.