What Are My Coverage Options?
There are three main Medicare plans to choose from — Original Medicare, Medigap, and Medicare Advantage. Each of these options offer slightly different coverage and benefits, which is why it is important to do your research before choosing or switching to a different plan. Additionally, you can combine Original Medicare with Medigap for additional coverage options.
What Will My Share Of The Costs Be?
When considering switching Medicare plans, you will want to consider what the difference in costs may be. Original Medicare typically involves premiums, deductibles, and coinsurances as well as higher out-of-pocket costs. Medigap, however, can be paired with Original Medicare plans to reduce out-of-pocket costs and cover outstanding costs left over from deductibles, coinsurance, and copayments. Medicare Advantage plans work differently — more like HMO and PPO plans where you pay different premiums depending on the specific coverage you need, but have specific max out-of-pocket costs.
Is There A Provider Network? If So, Are My Doctors On It?
There may be differing provider coverage depending on the Medicare plan you originally chose or are considering switching to. With Original Medicare plans, you can visit both participating providers and non-participating, but your cost may vary depending on which you choose. On the other hand, with Medicare Advantage plans, your provider network will be a bit more limited. Get in touch with our Medicare brokers today to discover if your provider is covered on a different plan!
Does This Plan Offer Extra Benefits I Could Use?
A major reason to switch Medicare plans is to reap additional benefits that your current plan does not provide. If you are currently on an Original Medicare plan, you may consider switching to a Medicare Advantage Plan to gain Part D coverage for prescription drugs. Additionally, you may look into switching from a current Medicare Advantage plan to an Original Medicare plan to reap the benefits of adding Medigap coverage to your plan.
