Medicare: Comparing Plans

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Transcript: When choosing and comparing the best Medicare option for you, what criteria should you consider? Here are some tips to consider when looking at a plan: First, make sure you understand the costs of the plan, including premiums, deductibles, and other out-of-pocket costs. Second, ensure that the plan covers the specific services you need. While all Medicare plans cover services provided by Original Medicare, or Parts A and B: hospital and medical, some plans such as a Medicare Advantage Plan may offer additional benefits that you may need. Third, verify that your chosen plan is accepted by your current providers and/or facilities. If you choose Original Medicare, you can go to any provider or facility that accepts Medicare. However, if you choose a Medicare Advantage plan, you will have a network of providers to choose from. Sometimes, you may also have out-of-network benefits that allow you to receive services from other providers or facilities, but it will likely cost you more. Fourth, check the plan’s list of medications to see if it covers your current prescriptions. Covered medications vary by plan, but all plans must offer a standard level of coverage set by Medicare. Lastly, take some time to choose your Medicare plan and to understand the available options. Understanding which plan fits your health needs and the associated costs is important when making your decision. If you’re considering a Medicare Advantage Plan, be aware of the out-of-pocket costs, network restrictions, and prescription drug coverage. The out-of-pocket costs for Medicare Advantage Plans, including premiums, or the amount you pay per month, can vary. The costs may be lower with an Advantage Plan compared to Original Medicare. You may also need to use specific providers or facilities that are part of the Medicare Advantage Plan’s network, including getting referrals to see specialists. If you frequently travel or live in different locations throughout the year, you should carefully consider the potential coverage limitations of a Medicare Advantage Plan before enrolling. These plans have a more limited network of providers than Original Medicare. Most, but not all, Medicare Advantage Plans include prescription drug coverage. If you are enrolled in an Advantage Plan without prescription drug coverage, you can enroll in a separate Part D Plan. You can utilize resources like the Plan Comparison tool at Medicare.gov to compare different plans and their coverage in your area. [The screen fades to show a thumbnail of a faded white background of a doctor holding hands with another individual] Deaf. Healthy. DeafHealth. Learn more at www.deafhealthaccess.org. [The screen fades to show a thumbnail of a blue lighthouse] Paf. Patient Advocate Foundation. www.patientadvocate.org.]