Contrary to common belief, choosing Medicare health insurance when you turn 65 isn’t completely straightforward. One of the biggest decisions you must make is whether you should enroll in traditional Medicare or a Medicare Advantage plan. Both have advantages, and you should make this decision based on the following factors.
- Costs—Paying for health insurance and medical coverage after retirement is a big concern for most seniors. How much your premiums, deductibles, and other costs will be when you are on Medicare will impact the plan you choose.
- Coverage—Think about the services you will need from your health insurance plan when enrolling in Medicare. For example, if you have diabetes, you may need more coverage than someone with no known health conditions.
- Prescription drugs—Do you already have prescription drug coverage, or do you need to enroll in a Medicare prescription drug plan? Consider how you will pay for your prescription drugs when you are enjoying your retirement years.
- Quality of care—The quality of the healthcare you receive on different plans can vary. Compare plans and providers before making your decision.
- Travel—Most Medicare plans don’t provide health insurance coverage when you travel outside of the U.S. If you intend on traveling a lot during retirement, you will need to look at supplemental options.
We can help you explore all of your health insurance options if you are nearing the age for Medicare enrollment or already enrolled. Contact us today to speak to one of our health insurance professionals.