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Medicare plans can help you cover you out of pocket expenses including prescriptions, dental care and co-payments. Making an informed choice is important so you can lower your overall healthcare costs. Learn how to choose a Medicare Plan.
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Time to Review Your Medicare Plan
This video reviews the importance of reviewing your Medicare Plan choices every year as plans change and offerings vary from year to year. The plan that is best for you one year, may not be the best for a subsequent year. U.S. Secretary of Health and Human Services discusses plan options and where to find out information and provides basic instructions on how to choose a Medicare Plan.
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Introduction
Choice is a great thing to have for your medical coverage. If you are eligible for Medicare, you are also available for other plan options. But, what is the right plan for you? By comparing your medical costs, conditions, age and financial situation to available plans, you can maximize your benefits while minimizing your healthcare costs. -
Step 1: Learn about your Medicare Plan options
There are three main categories of Medicare Plans:- Original Medicare: The basic Medicare plan covers services and some drugs, but you must pay deductibles, co-payments and coinsurance.
- Medicare Advantage Plans: These plans function as an HMO or PPO and extend your basic Medicare coverage by lowering your expenses and expanding your services in exchange for a monthly premium.
- Medicare Prescription Drug Plans: These drug plans expand Medicare’s drug coverage to more medicines and reduce your out of pocket expenses.
Step 2: Review your Medical Needs
Determine what Medicare coverage is best suited to your medical condition and budget. If you are in good health and have little drug expenses, the basic Medicare Plan may be sufficient. If you have significant drug costs, you should look into a Medicare Prescription Drug Plan. If you like the comforts of having extensive health care coverage, or you have recurring medical issues, a Medicare Advantage Plan may be your best option.Decide the type of coverage you need between the Medicare Plan options.
Step 3: Research Options
If you decide on adding a Medicare Advantage Plan or a Medicare Prescription Drug Plan to basic Medicare, you must research plan choices. Each type of plan has many different coverage providers and plans. Plans range from basic coverage to extensive coverage and can also range from no monthly premium to a significant premium. Some plans provide individuals will little or no income access to benefits for free.http://www3.medicare.gov/Choices/PDP.aspLook for a high quality plan that covers your needs at a reasonable cost.You can research plans:
- Medicare Advantage Plans: Medicare Options Compare tool on the official Medicare website.
- Medicare Prescription Drug Plan:Medicare Prescription Drug Plan Finder on the official Medicare website.
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