If you are unhappy with your current Medicare plan or have had a change in your health needs, you may have decided to choose a different plan during the next open enrollment period. However, you may worry that you will not select the right plan. If so, use the following tips to help you get started when choosing a plan during the next Medicare open enrollment.
1. Consider More than the Price When Deciding on a Plan
Especially if you are on a tight budget, your first thought when looking at the various available plans may be to select one of the cheaper options. However, you need to think about more than the price when deciding on a plan, as going with a cheaper option may actually cause you to end up spending more money down the line.
If you select a cheaper plan, it may have a higher deductible than other plans, leaving you with having to spend more money out of pocket until it is met. A cheaper plan may also not cover as high of a percentage of necessary medical exams, tests, or procedures, which would make you have to bear the brunt of the cost.
2. Make Sure the Plan You Choose Covers Your Prescription Medication
Along with considering how much each plan covers compared to the premium cost, another thing you need to look at carefully is the medications that the plan covers. While looking at the plans' details, have a list of your current medications with you so that you can see if you can find them on the list. If not, you may want to look at other plans that cover all of your prescriptions.
You also need to see if the plan covers any projected increases in prescription medications as opposed to paying a fixed amount for the duration of the plan. If it does not and one of your medication's cost increases significantly, you would be expected to cover the difference. You may need to have an insurance agent help you determine whether projections are part of the plan you wish to sign up for just to be certain.
Using the above tips can help you decide on a plan that will serve your medical needs. However, since navigating the language and pricing of each plan can become a little confusing, you may want to consider speaking with an insurance company that can help and can give you information about Medicare open enrollment.
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