Navigating health insurance is challenging at any age, but it becomes particularly complex as you grow older. Seniors must ensure they have adequate health coverage to meet their needs, which can be difficult when trying to choose the right Medicare plans to cover their conditions, doctors, and prescriptions.

Every senior should aim for the best and most comprehensive health coverage to suit their needs. However, with the process of selecting a Medicare plan being both difficult and confusing, how can one determine what truly is the best option?

Key Questions to Consider When Choosing or Adjusting Your Medicare Coverage

Are You Eligible for Medicare?

Typically, Medicare coverage begins automatically at age 65 if you have paid Medicare taxes for at least ten years. Some younger individuals with certain medical conditions and disabilities may also qualify. Upon enrollment, you can choose which parts of Medicare you want. While Medicare Part A is free for all subscribers, you will need to pay a monthly premium for other parts, plans, or supplements.

Do You Want Original Medicare or a Medicare Advantage Plan?

Your first decision when determining your Medicare coverage is choosing between Original Medicare and a Medicare Advantage plan.

Original Medicare includes Medicare Parts A and B.

Medicare Advantage plans are alternatives to Original Medicare, offered by private insurance companies. These plans include the same coverage as Parts A and B, along with additional benefits.

Original Medicare allows you to visit any doctor or hospital that accepts Medicare across the U.S., but it does not include prescription drug coverage. Many seniors add Medicare Part D for drug coverage and often purchase supplemental coverage like a Medigap policy to cover out-of-pocket expenses.

Medicare Advantage plans are “all-in-one” plans that typically bundle Parts A, B, and D and may include additional coverage like dental, vision, and hearing.

Do You Want Prescription Drug Coverage?

Assess your need for prescription drug coverage. If you require coverage for your medications, consider these options:

• Original Medicare: Add Medicare Part D for prescription drug coverage.
• Medicare Advantage: Choose a plan that includes prescription drug coverage.

If you do not need prescription drug coverage, Original Medicare without Part D may suffice, or you can select a Medicare Advantage plan that excludes it.

Do You Need Supplemental Coverage?

Supplemental coverage, or Medigap, is crucial for filling gaps in Medicare coverage and reducing out-of-pocket expenses. Medigap plans are offered by private insurers and cover costs like coinsurance, copayments, and deductibles. Notably, Medicare Plan F, a popular Medigap plan, will no longer be available for new enrollees starting January 1, 2020. Instead, Plan G will be available, offering broad coverage for many out-of-pocket costs.

Consider Your Medicare Options to Make the Best Decision

Choosing the right Medicare plan can be confusing, but asking the right questions can simplify the process. Research different plans thoroughly and compare options like Medicare Advantage plans and Medigap plans. Assess your needs and the various Medicare parts available to you.

Taking the time to research and compare plans can save you money and ensure you get the coverage you need. By doing so, you can find the best Medicare rates and health insurance options available.