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So, how do you decide which Medicare plan is right for you? A good question, huh?
First up, get yourself a pencil and paper, and we’ll get started. Okay? Ready?
Remember, if your current health insurance meets your long-term needs, or if you’ll get retiree coverage from your employer, then you’re probably set. But to be safe, you should check to see how their health plan works with Medicare, and if you still have to sign up for Parts A and B. But for most, you need to pick a Medicare plan to make sure you have all the coverage you want, when you need it.
When you first become eligible, usually around your 65th birthday, you’ll want to ask yourself a few questions to figure out what kind of plan would work for you. Things like:
Are you in good health?
How often do you see your doctor?
Do you take a lot of prescription drugs?
How much can you afford each month?
Are you willing to change doctors if it means lower health plan costs?
Questions like that. Next, apply for Medicare and see if you qualify for extra help paying for your medical and drug plan costs. Your local Social Security office can help. Or go to medicare.gov to find out how to apply.
Now, you’ll want to review what plans are available in your area, what the plans cover, and what they cost because one size does not fit all.
For instance, Original Medicare Parts A and B covers some but not all of your hospital and medical expenses and doesn’t include prescription drugs. You can add a Medigap Plan, sometimes called a Medicare Supplemental Plan, to Original Medicare to help fill the gaps for costs not covered by Parts A and B. And you can add a Part D plan to get the prescription drug coverage you need.
Or if you prefer, you can choose a Medicare Advantage Plan. It’s a single plan that combines Parts A and B with extra benefits like hearing, vision, gym memberships and prescription drug coverage.
So review, compare, decide. Keep in mind you can select a new plan once a year during the annual enrollment period if your needs change, but take the time when you first become eligible for Medicare to select the plan that meets your needs for the next year. And those are the steps to choosing the right Medicare plan for you.
Still want to know more? Go to medicare.gov. Or check the other videos in this series at medicaremadeclear.com.
Medicare Made Clear
Choosing a Medicare Plan
Medicare Made Clear
How do you decide which Medicare plan is right for you? Learn what questions you should ask yourself first, and where to go for more information in this short video.
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