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Category: Medicare

Which Medicare plan should you choose?


It's that time of year again...when mailers for Medicare plans start filling mailboxes everywhere. While it may feel like an inconvenience, it's actually really smart to take a look at those mailings and shop around during Medicare's Annual Enrollment Period (AEP). That way, you can be sure you're getting all the benefits and savings you're entitled to. To help you decide which Medicare plan is best for you this AEP, we're recycling one of our very first Day 2 posts, and re-sharing a quiz that offers a lot of insight into your Medicare needs. 


Which Medicare Plan is Right for You?

The best part about Medicare is that you get to choose the kind of healthcare coverage you want. Generally, Original Medicare covers 80 percent of your medical costs. However, there’s no limit on the amount you will have to spend out of your own pocket, and that 20 percent can add up quickly if you should get seriously sick or injured. That’s why many people choose a Medicare Advantage plan or a Medicare supplement. Both plans help cover what Original Medicare does not, but one may better fit your lifestyle and personal preferences. To find out which kind of plan best meets your needs, circle your answers below and add up your points at the end. 

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My family and friends are:
1. Within a couple hour’s drive.
2. Mostly local with a few in distant areas.
3. I have no relatives nearby.

I plan to spend my retirement:
1. Generally staying close to home and family.
2. Vacationing in Europe.
3. On the beach November through March.

I want my primary care physician to:
1. Serve as my primary doctor and help manage my health.
2. Serve as my primary doctor and educate me on what’s best for my health when             
needed.
3. Write my prescriptions and see me for the basics (ear infections, strep throat etc).

Referrals are:
1. My doctor’s way of making sure I see a good specialist.
2. Okay, as long as I get the care I need.
3. A hassle.

I feel a primary care physician is:
1. Essential to my health and well being.

2. Necessary.
3. Unnecessary. I’ll see one if I need to, but I prefer to see specialists.

I prefer to pay for my healthcare:
1. Only if I use it.

2. However I need to in order to get great coverage.
3. Through multiple, up-front monthly premiums that I pay whether or not I seek                
medical attention.

 

When it comes to my healthcare I like to:
1. Work closely with my primary care physician.

2. Do some independent research and work collaboratively with my doctors.
3. Manage my own care, do my own research and lead my physicians.

Extra benefits like dental and vision are:
1. Extremely important.

2. Nice to have, but not a deal breaker.
3. Not needed.

I need prescriptions:
1. On a regular basis.

2. For one or two small issues.
3. Hardly ever.

If my doctor encourages preventive screenings:
1. I feel like they are doing their job.

2. I’m fine with it if it keeps me healthy.
3. I prefer to keep track of things on my end.

My financial situation requires:
1. The most affordable plan on the market that still offers great coverage.

2. A plan that fits my comfortable, but not unrestricted, budget.
3. Nothing, I have no restrictions on costs and premiums.

When it comes to healthcare, I really wish:
1. There was a plan that could guarantee I’ll never have to spend over a certain
    amount each year on medical costs.
2. There was a plan that offered extremely comprehensive coverage so I wouldn’t have
    to worry about money if an unexpected illness or injury occurred.
3. A plan that moves when I do since I spend months away from home at a time.   
 
 
                     
 
 And the plan you should consider is...
 
If you scored is 12-21:
You are an ideal candidate for a Medicare Advantage (MA) plan. By joining an MA plan, you will cover all the things that Original Medicare covers, plus the extra 20 percent it doesn’t. Generally these types of plans include Part D prescription drug coverage and often add in extra benefits like dental, vision and fitness at no extra cost. In most MA plans, primary care physicians play a big part in helping you manage your care and stay healthy. Many MA plans also offer $0 premiums and pay-as-you-go options. That way, you’re only paying for the care you use, while still getting great coverage.
 
If you scored 22-29:
You would be a good candidate for a supplement or an MA plan. Because comprehensive coverage is your main priority, you’d be willing to pay a little more for peace of mind. You could combine a Medicare supplement and a Part prescription drug plan to supplement Original Medicare, but with three premiums this option can get expensive. If you prefer only make one payment to one comapany, focus on an MA plan with all-inclusive coverage that offers at home, travel, dental, drug, vision and fitness benefits as part of one plan.
 
If you score 30-36:
You are all about the supplement. You’re never in the same place for very long, so building a relationship with a primary care physician isn’t really an option. You’d much rather manage your own care and see whomever you want, when and wherever you’d like; and you are willing to pay higher monthly premiums for that kind of flexibility. It’s important to note that supplements do not offer Part D prescription drug coverage, so make sure you pair your supplement with a private Part D plan.
Sarah Riordan