When you become eligible for Medicare, you have multiple Medicare plans to choose from. Your benefits, premiums and out-of-pocket costs will vary depending on your enrollment decisions. The team at Heffernan Insurance Brokers will guide you through the process of comparing Medicare plans and making an informed coverage selection.
Medicare Plan Options
Medicare Part C
Medicare Advantage plans combine Medicare Part A and Medicare Part B coverage into a single plan. Most Medicare Advantage plans include prescription drug coverage, and many plans offer additional benefits that are not normally covered by Medicare, such as dental, vision and hearing care. If you want an all-in-one health plan, see if a Medicare Advantage plan meets your needs. Before selecting a plan, check the network of providers, out-of-pocket costs and extra benefits.
Medicare Supplement Plans
Also called Medicare Supplement Insurance Plans, Medigap plans are designed to work with Original Medicare. A Medigap plan can help with out-of-pocket expenses to make your healthcare costs easier to plan. There are several plan options to choose from such as Plan G. Medicare Supplement plans allow you to visit any provider that takes Medicare. If you want a Medigap plan, the best time to enroll is during your Medicare Initial Enrollment Period when you first enroll in Medicare.
Prescription Drug Coverage
Original Medicare (federally run Medicare Parts A and B) does not include prescription drug coverage, but you can enroll in a private Medicare Part D prescription drug plan to secure prescription drug coverage. Before selecting a plan, see which pharmacies are in the network and how much the copay is for any prescriptions you take. Part D plans are usually elected in addition to a Medicare Supplement Plan.
Key Considerations When Selecting a Medicare Plan
As we work together to compare your options, you’ll notice that some plans have larger premiums than others, but they may also provide more benefits or have smaller out-of-pocket costs. Networks are another important factor to consider. If you see a provider outside of your network, you may pay more out of pocket. If you have a primary care physician or specialist you want to keep seeing, check your plan’s network to make sure your providers participate.
You can change your Medicare Advantage or Medicare Part D enrollment each year during the Medicare Annual Enrollment Period (AEP) as your needs change or as new plans become available. You may also be eligible for a Special Enrollment Period based on your unique circumstances. Although some Medicare enrollees decide to stay in Original Medicare – possibly with a Medicare Supplement Insurance (Medigap) plan – an increasing number of enrollees choose Medicare Advantage. New plans enter the market each year. In 2023, the average Medicare beneficiary had more than 40 plans to choose from!
Heffernan Insurance Brokers can guide you through your Medicare choices to help you select the best option for your health needs and budget. We are committed to educating our clients on their Medicare options so they can obtain the full value of their coverage.
The right Medicare plan for someone else may not be the best Medicare plan for you. Everyone’s needs are unique, so schedule a complimentary review and assessment with your Heffernan advisor.
If you are interested in learning more, please complete the information below. One of our Medicare specialists will reach out to you to discuss your options.