Navigating the Medicare maze can be confusing. Consumers should always be cautious and arm themselves with as much information as possible before buying a plan. Here are five things you should know before purchasing your health care insurance.
1. Timing matters
Whether you are turning 65 or coming off employer coverage, enrollment windows open. Know when you are eligible to enroll in Medicare and what your options are before deciding on your health insurance coverage.
Start educating yourself a few months prior to turning 65. This will allow you to feel secure with your choice.
2. Coverage type
Original Medicare does not cover all expenses. Purchasing a Medicare Supplement policy to cover the additional expense is the most common option. A Medicare Supplement policy has no restrictive networks.
You can visit the physicians of your choice, including specialists and specialty hospitals. A Medicare Advantage Plan (like an HMO or PPO), is another health plan choice you have. This insurance replaces your Part A, Part B and oftentimes, Part D coverage. You may have to go to doctors within their service network or pay higher co-pays for going out of network.
3. Company Choice
Always chose a strong, stable and secure company for your health care insurance. You will get the best customer service, financial stability, and security. In the unpredictable environment that we are facing, healthcare insurance security is imperative.
4. Plan Choice
You have several plans to choose from. Ask for a summary of benefits before purchasing a plan. This summary includes information on what is covered.
Deductibles, copayments, foreign travel coverage and excess charges are all topics that you want to consider when choosing your plan.
Choosing the proper Medicare Part D drug plan can be challenging. Prescription coverage is something that needs to be reviewed annually. Your medication may or may not be covered depending on the plan you choose.
5. Know your Insurance Broker
According to the Department of Health and Human Services, you should be suspicious of anyone who uses telephone or door-to-door selling techniques. Make sure the broker is licensed and knowledgeable.
Don’t feel pressured to buy anything on the spot. A reputable broker will allow you as much time as you need, answer any questions you have and present you with all available options.
For more information on Medicare Supplements, Medicare Advantage Plans and Part D prescription coverage call Dan Coakley, Medicare Supplement Accredited Advisor, at Cape Life & Health, LLC, 609-886-3700.
Cape Life & Health, LLC is not connected with or endorsed by the U.S. government or the federal Medicare Program. For further information visit www.medicare.gov or call 800-MEDICARE.