Top Tips for Researching Medicare Plans

Think About What You Need

Are you taking a few different prescription medicines? Are you going to be out of state for part of the year? Do you need hearing, vision and dental care? Do you need home health care or physical therapy? These are just a few things to consider when looking for a Medicare plan.

Which plan is right for you? Start by asking yourself the following questions.

How’s the Quality of Care in the Plan? (Look at Its Star Rating)

Start out by researching the basic benefits – doctor visits, hospitalization and drug coverage.

Get to know Medicare’s ABCs of coverage — Parts A, B, C and D. Understand that each part covers something different, like hospital stays (Part A), doctor visits (Part B) and medicines (Part D). Medicare Advantage (Part C) covers Part A and Part B and may also include dental, vision, hearing and gym memberships. Keep notes if you have trouble remembering which parts cover what.

Is My Doctor in the Plan?

Do you get care from a few doctors? Decide whether you want to keep your current doctors, and see if they’re covered in the plan’s network.

You may want out-of-network coverage in case you need to see a doctor for unexpected health problems.

Are My Prescriptions Covered?

Do you take medicine for a chronic condition? Some plans offer prescription drug coverage, but not all. You may have to buy a separate prescription plan.

A 2021 AARP survey said that 77% of respondents over age 50 take prescription medicine regularly. And 58% said they were worried they won't be able to afford their medicine over the next few years.

Most employer-based health insurance plans have prescription drug benefits, but Medicare is different. When you sign up for Medicare Parts A and B, you’ll need to buy a drug plan. But most Medicare Advantage (Part C) plans, like Braven Health, have prescription benefits.

What’s the Monthly Plan Premium?

Health care budgeting is a big part of retirement planning. Some plans may have more up-front costs, but then they give you benefits that can save money over the long run. When researching Medicare plans, look at:

• The premiums you’ll be paying for the different parts
• The cost of regular prescription medicines and doctor visits
• Plan deductibles and out-of-pocket maximums

A deductible is what you pay for covered health services or prescriptions before your insurance plan starts to pay. An out-of-pocket maximum is the highest amount you’ll pay in a policy period (usually a calendar year) for covered health services. Once you reach your maximum, your plan pays 100% on covered health services. Knowing the terms will help you make the best choices about the plan for your health needs and budget.

What Are the Out-of-Pocket Costs for the Benefits I’ll Use the Most?

If you have a chronic condition, for instance, some plans have special programs for chronic disease management, like Braven's Supportive Care Program. These could be helpful in lowering out-of-pocket costs.

What Extra Benefits Do I Get?

Do you like to go to the gym to work out? Gym memberships are part of some plans. Look for other extras, like nutrition counseling or a 24-hour nurse helpline. Some plans give reimbursements on certain preventive care, too.

If I Travel, Will My Benefits Travel With Me?

If you have family or a second home out of state, you might want to see about coverage in that area. If overseas travel is a big pastime for you, ask about emergency health care abroad.