What Medicare Plan is best?
We get this question all the time. Have you heard the saying “there is more than one way to skin a cat”? Well, this is true of Medicare as well. There are many factors that go into figuring out the best plan for you.
There are basically two paths.
Keep original Medicare A/B and add a Medicare Supplement Plan and Medicare Part D Prescription Plan. These Medicare Supplement plans run anywhere from $60 – $300 /month. This depends on the plan you choose. We are seeing more and more people choose Medicare Plan N ($135). With Plan N this means you will cover the yearly deductible and pay up to $20/ copays for your doctor visits. Medicare Part D Prescription plans start around $8/month and go on up from there. These plans depend on the medications you are currently taking. A good agent will assist you with checking your medications with the best plan available. For this path, you will pay more up front premium costs per month, but you have less out of pocket expenses on the back end if you get sick.
This path allows your Medicare to be privatized completely. Medicare A and B will now be wrapped into a Medicare Advantage plan that covers A/B, medical and most often prescription all in one. This is often referred to as Medicare Part C. These plans start anywhere from $0/month on up to around $130/month. Usually the lessor premium per month plans means higher co-pays/deductibles. Medicare Advantage plans are what you see advertised on TV ALOT! They usually have more bells and whistles, like dental and vision perks, gym perks, and sometimes Medicare Part B premium givebacks. THESE PLANS ARE DEPENDENT ON THE COUNTY YOU LIVE IN. Different areas, have different plans and perks. For this path, you pay less premium per month up front, BUT you will be stuck with more out of pocket expenses if you get sick on the back end and possible prior-authorization requirements.
So back to our original question….what Medicare Plan is best??
That is really going to be based on each individual person. If you are healthy and you have some money set aside in case you get sick, maybe you would love a Medicare Advantage plan. If you don’t want bills once you see the doctor or you have some health issues, a Medicare Supplement and Part D plan might be the best option for you.
Within each of these paths, there are also options. It gets very confusing and often overwhelming. This is why we are here. We can help you sort through your Medicare options and find out what is best for YOU. Check out our video page on our website to see videos about this topic or “Choose the Right Path for Your Medicare” video we made last fall.
Here is a great cheat sheet on the two options for Medicare.