To choose a Medicare plan, consider the following key steps:
- Know the types of Medicare plans: Original Medicare (Part A hospital insurance and Part B medical insurance) or Medicare Advantage (Part C) plans that bundle Parts A, B, and usually Part D (prescription drug coverage).
- Check star ratings of Medicare Advantage plans from the Centers for Medicare & Medicaid Services (CMS), which rate plans from 1 to 5 stars based on quality and customer service.
- Compare costs including monthly premiums, deductibles, copayments, and maximum out-of-pocket limits. Remember higher premiums might mean lower out-of-pocket costs.
- Review your current doctors and preferred pharmacies to make sure they accept the plan.
- Consider your medication needs and check if your prescriptions are covered under the plan's formulary.
- Decide plan type: PPOs offer more out-of-network flexibility, HMOs tend to be lower cost but restrict care to network providers.
- Review benefits beyond hospital and medical coverage, such as vision, dental, and wellness programs.
- Use official resources like Medicare.gov Plan Compare tool to see detailed information on plans available in your area.
- Enroll during the designated Medicare Open Enrollment Period or Special Enrollment Periods if eligible.
Each individual's best Medicare plan depends on personal health history, prescriptions, doctors, budget, and preferences.
