Choosing the coverage you want to pair with Medicare is an important decision.Once you understand how Medicare Parts work, it's time to figure out which coverage is a good fit for your lifestyle, current health, and prescription needs. Talk to our licensed sales agents at:
After you have a better understanding of Medicare Parts, the next step is choosing the right coverage that can help protect your budget against some of the expenses Medicare leaves behind.
There are three main types of coverage to consider: original Medicare Supplement plans, Medicare Advantage plans, and Prescription Drug plans. Each features different benefits and monthly rates. You can enroll in these types of coverage plans when you become eligible for Medicare. You’ll also have the opportunity to switch plans once a year during the Annual Election Period.
If you’d like more information on how to pair coverage with Medicare, call the friendly Hy-Vee Medicare Aisle licensed sales agents at 1-888-275-1122.
ORIGINAL MEDICARE SUPPLEMENT PLANS
Medicare Supplements are the type of coverage commonly paired with Medicare Parts A and B. (You may have heard them referred to as “Medigap” plans.) The federal government has standardized Medicare Supplements into Plans A through N. Each standardized plan is required to deliver the same benefits.
The amount you’ll pay each month will vary depending on the insurance company behind the Medicare Supplement plan.
To get help sorting out which plan might fit your lifestyle and which companies offer good value to residents of your state, talk to a Hy-Vee Medicare Aisle licensed sales agent.
Medicare Advantage Plans
Enrolling in a Medicare Advantage plan (Medicare Part C) means you’re signing up for coverage through a private company that has contracted with Medicare to provide all the benefits of Medicare Part A and B (except for hospice). Medicare Advantage plans may also include benefits for prescription drugs, dental, vision, and hearing care.
However, it’s important to understand any limitations you may face in terms of choosing your doctor, where you can get care, how prescription drugs may be covered, or whether referrals are needed in order to access certain types of care.
The monthly cost for Medicare Advantage coverage is set by the company. Premiums may be as low as $0.
To get help sorting out which plan might fit your lifestyle, talk to a Hy-Vee Medicare Aisle licensed sales agent.
PRESCRIPTION DRUG PLANS
Prescription Drug Plans provide help covering the cost of prescription drugs. Many people who choose original Medicare (Parts A and B) enroll in a Medicare Supplement plan and then add Prescription Drug coverage (Medicare Part D). Many Medicare Advantage plans include prescription drug coverage. Talk to a Hy-Vee Medicare Aisle licensed sales agent to find out which option is right for you.
If you sign up for a Medicare Advantage plan, you’ll want to check whether it covers prescription drugs or if you need to add Medicare Part D Prescription Drug coverage.
There are several items to consider when thinking about the monthly cost for Prescription Drug Part D plans. First, there’s the premium itself – which will vary from company to company. Your income may impact your premium as well.
Then you’ll need to consider how much you need to pay before you reach the out-of-pocket maximum. This is often referred to as the “Part D donut hole.” Then you’ll need to consider how much you need to pay for deductibles and co-insurance. It’s important to consider the costs of your current prescriptions and how they’re covered under each plan when considering Prescription Drug coverage.
To get help sorting out which plan might fit your prescription needs, talk to a Hy-Vee Medicare Aisle licensed sales agent.
Questions To Think About
Choosing the Medicare plan that best fit your lifestyle requires careful consideration. Be sure to ask yourself these types of questions:
- Do you have current or ongoing health conditions?
- Do you have a family history of certain types of medical issues?
- Are you more comfortable going with original Medicare paired with a Medicare supplement or would you rather select a Medicare Advantage plan?
- Do you live in a more suburban location with multiple medical options or do you live in a more rural area where your physician and hospital choices are more limited?
- Which plans already include your current doctor?
- Do you travel frequently or live in another state during the winter months and need to make sure care in multiple areas would be covered?
- Which plans offer the most cost-effective coverage for your current prescriptions?