Which Medicare Plan Is the Best For Me?

Photo of author

(Newswire.net — June 2, 2021) — Picking the best Medicare plan can be difficult. There are so many options out there so picking the one that is best for you and your lifestyle does require a little bit of research and attention. As each plan has a different cost and coverage you need to make sure that whichever plan you pick covers everything you need whilst making sure that you are not paying for something that you do not require.

What is Medicare?

Medicare is federal health insurance that is divided into multiple parts. They each cover separate pieces of medical expenses. Part A covers hospital services. Part B covers doctor visits. Part D covers prescription drug costs. Part A is mandatory and essential though can be free if you have already paid into Medicare for more than 10 years. Parts B and D come with a monthly cost but aren’t mandatory covers. Though it is still useful to have them

Medicare coverage gaps

One drawback of Medicare is that there are multiple gaps in the cover and as such you will likely need to choose a Medicare supplement plan. These are again made up of multiple different options denoted by letters. They range from A through to N. Importantly, no matter which provider you go with the plan itself does not change but the cost does. This is something that you should be aware of when you are canvassing companies for cover. 

Best supplement plans for me

Up until most recently, the best supplement plan to sign up for was Plan F. This was because it was the most comprehensive cover available on the market. It covered everything from your first 3 pints of blood to hospice care. It was the most expensive but offered such full coverage that should you visit the hospital regularly, it was the best way to go. However, plan F has become unavailable if you are signing up to Medicare after January 2020.

Plan G has become the new replacement for anyone unable to join Plan F. It covers much the same as Plan F but requires that you pay a Part B deductible annually, usually around the $200 mark. Though this is not your only option. You could plump for Plan D that again has the same benefits as the other two but does not cover excess charges for Part B services. Of course, you can avoid these charges by making sure you only visit health centers that accept Medicare assignments.

If you are looking for the best low-cost plan, then Plan N is a good one to consider. It pays for most of the upfront Medicare costs, but you do pay up to $20 for some of your office doctor’s visits. Since you are effectively co-paying some of the costs for your coverage, you can get this plan for a much lower monthly cost.

So what plan is for me?

You need to take stock of your life and research which plan is the best for you. Not everyone requires the same amount of coverage. If you can afford it, by all means, get the most comprehensive cover but if finance is an issue, research alternative plans to work for you.