If you are new to Medicare, the first thing you should do is sign up for Medicare. Go to Medicare.gov, which is a great resource for learning about Medicare. After enrolling in Medicare, you should decide if you want to stay with just Original Medicare, or get additional coverage. There are two main ways to do this:
Making the choice of Medicare Advantage vs Medigap
Medicare Advantage plans are HMOs, therefore, they have a narrow network of doctors than those who accepts Medigap. We recommend seniors considering a Medicare Advantage plan contact their physicians to ensure that the plan they desire is accepted. Medicare Advantage can be cheaper, but not necessarily so. Out-of-pocket costs for many services such as hospital stays can be much more expensive with Advantage plans than they are with Medigap plans. If you are willing to deal with the restricted network and your budget is limited, the Medicare Advantage plan may be the best choice for you.
Medigap plans are like PPOs, therefore, you can visit any Medicare providers without referrals. Medigap plans are usually more expensive but will save you significant amount of money if you need extensive medical services. Most Medigap plans cover expensive deductibles and/or copayments that are charged to you. These costs can add up to thousands of dollars should you have a major illness or accidents. They also cover many expenses not covered under Original Medicare, such as additional hospital days. If your budget can afford a Medigap plan, they will usually be the best way to protect your wealth.
You should know that Medicare was never designed to cover everything, but there is a wide range of Medicare Advantage and Medicare Supplement plans that help fill the gaps in Original Medicare.
We have helped over a thousand seniors in our community enroll in a health plan that is right for them. Contact us so that we can help you find a plan that best suits your budget and needs.