Medicare For Dummies by Patricia Barry

Author:Patricia Barry
Language: eng
Format: epub, azw3, pdf
Publisher: Wiley
Published: 2013-10-06T16:00:00+00:00

Chapter 10

Choosing Wisely If You Go with Traditional Medicare

In This Chapter

Discovering the importance of comparing plans carefully

Utilizing Medicare’s online plan finder to discover the best Part D drug plan for you

Picking the Medigap supplemental policy that best meets your needs

Deciding on traditional Medicare as the way to receive your medical benefits under Part A and Part B means that you may need to add Part D prescription drug coverage and may want to buy Medigap supplemental insurance to cover most of your out-of-pocket costs. I say “may” because many people who choose traditional Medicare don’t need Part D drug coverage or supplemental insurance. So if you have retiree benefits that provide good drug coverage, take care of services that Medicare leaves out, and/or pay for some of Medicare’s deductibles and co-pays, you can skip this chapter and head to Chapter 13.

Similarly, if you’ve decided to get your benefits through a Medicare Advantage plan, such as a HMO or PPO, rather than traditional Medicare, skip this chapter and turn to Chapter 11, where I discuss how to go about comparing plans to find the one that suits you best.

In this chapter, I assume that you want to stay in traditional Medicare and don’t have any other insurance that provides extras like coverage for medications or out-of-pocket costs. And therefore, you’re faced with some choices: deciding which Part D drug plan you should enroll in and, if you opt for supplemental insurance, which Medigap policy you should buy. This chapter focuses on how to choose among the many options that confront you in Part D (at least 25) and the fewer (only 10!) options in Medigap. The info in this chapter is in do-it-yourself mode: It explains, step by step, how you can figure out your best options. The alternative — getting someone else to help you — is discussed in Chapter 12. (For an introduction to Medigap, flip to Chapter 4.)

Understanding the Need to Compare Part D Plans Carefully

Medicare advises people who are choosing a Medicare prescription drug plan to consider the three Cs: cost, coverage, and convenience. That’s perfectly true. But I say you should add three more Cs: compare, compare, compare! And even a fourth: Do it carefully! I can’t emphasize this point enough: Comparing plans carefully is the single most important step you can take in finding the Part D plan that’s best for you. It may save you unexpected hassle and will certainly save you money.

“Well, yeah,” you say. “But what about the fact that I’m faced with more than 25 drug plans in my state? And they’re all different!” I know that the number of plans available to you makes choosing just one — let alone the right one — seem like a daunting prospect. But take heart; you don’t have to grope your way through that multitude of plans. In “Picking the Part D Plan That’s Best for You” later in this chapter, I demonstrate a quick strategy for finding a plan that focuses only on your needs.

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