Today, people age 65 and older have more choices in Medicare coverage than ever before. With over 25 plans to choose from, each with different premiums, copays, and alliances with medical providers and pharmacies, it's important to review all your options and find the one that works best for you.

Here are six tips to guide you in your search:

1. Coverage options

First, take a close look at your current coverage. Are you satisfied with it, or do you think you need to make some changes before the next enrollment period? Asking yourself these questions is a good starting point, especially if you're new to Medicare.

Consider other important factors as well:

• Do you want to continue seeing your current doctors?
• Do you travel frequently or spend time at a vacation home?
• How often do you require medical appointments or services?
• Do you regularly take prescription drugs?

The responses to these questions will have a significant effect on your decision-making process.

2. Existing insurance plan

Before enrolling in Medicare, it's crucial to review any existing insurance plans you intend to continue using. Reach out to your benefits representative or an insurance agent to understand how these plans align with Medicare coverage.

3. Primary care providers

If maintaining your relationship with your current healthcare provider is important to you, it's essential to determine if they participate in the plan or plans you're considering.

Opting for traditional Medicare offers more flexibility in choosing your provider. However, if you're interested in an HMO Advantage Plan, you'll need to select a primary care physician from their approved list. With a PPO Advantage Plan, you have more freedom to choose outside of the network, but keep in mind that higher out-of-pocket fees may apply.

4. Prescription drug coverage

It's essential to understand that traditional Medicare Parts A and B don't cover prescription drug costs. If you need this coverage, you must buy a Medicare Part D plan or consider combined coverage through a Medicare Advantage Plan.

5. Frequent travel or second home

If you find yourself traveling extensively throughout the United States or spending substantial time at a secondary residence, it may be beneficial to consider the traditional Medicare plan. Accepted nationwide, this plan doesn't require selecting a primary care physician or obtaining referrals for specialist visits.

Keep in mind that HMO and PPO Medicare Advantage Plans have limited regional coverage and may require coordination of care through your primary care doctor or approved network physicians.

6. Cost

For most people, Medicare Part A, which covers hospital care, is provided at no charge. However, Medicare Part B, which covers medical care, requires a monthly premium.

If you get benefits from Social Security, the Railroad Retirement Board, or the Office of Personnel Management, your Part B premium will be automatically taken out of your benefit payment. For those not receiving these benefits, a bill will be issued.

Additionally, if you opt for Medicare Plan D coverage for prescription drugs, a monthly premium will apply. The specific cost of this coverage will depend on the available plans in your area.

Conclusion

Finding the right Medicare plan is essential for you or your loved ones' well-being. To begin your search, check eligibility and coverage details on the official Medicare website, Medicare.gov. Alternatively, reach out to your local Medicare insurance broker or benefits representative, who can assist you further in navigating the options. See our location for more information on finding a Medicare insurance broker near you.

Remember, taking the time to evaluate your coverage options, assess your needs, and consider any existing insurance plans can help ensure you make an informed decision.

See our Location for assistance in finding a Medicare insurance broker near you.