After you turn 65 the rules for dealing with your health insurance are totally different then they were before you qualified for Medicare health coverage. Even though the government pays many of your medical bills when you join Medicare from that point on, you still need to cover a lot of the costs of your healthcare yourself. You can buy several types of health insurance to fill in those gaps in your Medicare coverage. Here are some tips to help you pick the right health plans that will fulfill your need and pay the best price.
Retiree benefits are generally your best option for health coverage, if you are lucky enough to have coverage through your former employer.
A Medicare supplement policy can fill in many of the gaps standard Medicare doesn’t cover if you don’t have retiree coverage. When picking a health plan, make sure to assess how much extra coverage you are getting for the additional cost to you.
There are huge Medigap price ranges for no real good reason. Of course that is just an opinion but many agree. Every policy with the same letter designation provides the same exact coverage, and customer service rarely varies to justify paying more. It is generally best to purchase the lowest priced policy for the letter designation you choose. But it is very important that you learn how the insurer sets their prices. Focus on companies with community rated or issue age premiums. These premiums do not rise just because you get older and tend to be lower cost over the long run.
Make sure to give Medicare HMOs a good look. After a big infusion of funds from the federal government, many Medicare Advantage plans are offering very low premiums for prescription drug and healthcare coverage in more parts of the country than ever before.
Everyone who qualifies should sign up for Medicare’s prescription drug plan unless they have better coverage through a former employer regardless of their current prescription drug care costs.
Compare more than just premiums when selecting a Medicare prescription drug plan. You need to look at the overall costs and premiums of the drug plan as well as your “out of pocket” expenses under the drug plan for the particular drug you take.
You can contact Medicare directly to find the best plan that will cost you the least each year or work with an experienced Medicare enrollment specialist that has the experience to help you get the most “bang” for your buck.