MediGap Advisors Health & Wealth Newsletter
November 2021
Vol. 16, Issue 11
How to Know if You’re in the Right Medicare Plan
Beginning on October 15th and until December 7th, Medicare enrollees have the chance to make certain changes to their Medicare coverage. For many people, this will be finding a plan with a lower premium. For others, it will be adding important coverage for things like dental and vision.
But how do you know if you’re in the right Medicare plan to begin with? And how do you know which supplementary option to go with?
Here’s how to find out:
1.) Evaluate Your Medical and Health Needs
The first step in choosing any type of healthcare is evaluating your health and medical needs. Begin by asking yourself the following questions:
- Do I have any ongoing or previously existing conditions that need attention?
- Do I have maintenance medications that need to be covered?
- Will I need coverage for things not covered by Original Medicare, like hearing, dental, and vision?
- Can I afford the monthly premium of my current plan?
You can use the answers to these questions as a list of your healthcare needs. From there, you’ll know right away if the option you’re looking at is a good fit.
2.) Learn the Difference: Medigap vs. Medicare Advantage
Filling the coverage gaps in Original Medicare is made out to be more complicated than it is. But in the end, most people go with one of two options:
Medicare Supplement, or ‘Medigap’ Plans
These are standalone, private insurance plans that work alongside your Original Medicare. There are ten different standardized Medigap plans to choose from, each with different levels of coverage.
Medicare Advantage Plans
Unlike Medigap Plans, Medicare Advantage (MA) is designed to replace your Original Medicare coverage with something much more comprehensive. All MA plans are required to cover everything covered by Original Medicare. In addition, enrollees can add coverage for vision, dental, hearing, and more.
3.) Research the Medicare MSA Plan
There’s one type of Medicare Advantage that works a bit differently, so it’s necessary to examine it in its own light. The Medicare MSA Plan is a high-deductible form of Medicare Advantage that comes with a $0 monthly premium and a tax-advantaged savings account.
The MSA Plan is a great option for enrollees who are generally healthy or don’t use their coverage much. On the other hand, it comes with a greater out-of-pocket risk if you ever need to use your plan.
Psst: You can learn all about the MSA Plan by reading the September 2021 Issue of our Health & Wealth Newsletter.
4.) Think About Provider Networks and Hospital Choice
With Original Medicare, enrollees can use any doctor or hospital that accepts Medicare. Conversely, most Medicare Advantage plans require enrollees to use providers that are within the plan’s network. (There are some MA plans that offer out-of-network coverage).
5.) Consult Your Personal Benefits Manager If You’re Stuck
Are you unsure which type of Medicare you’re already enrolled in? You can find out by checking your Medicare Enrollment Status. Call Medicare directly at 1-800-633-4227.
Think it’s time to change things up with your Medicare Plan? Your Personal Benefits Manager can help. But you only have until December 7th, which is the end of the Annual Enrollment Period.
The link below will help you schedule an appointment with your Personal Benefits Manager.
To your health and wealth,
Wiley P. Long, III
President – MediGap Advisors