Most older adults want more health coverage than Original Medicare can provide. As a result, many people have to choose to add Part D prescription drug coverage, Medigap, or some other form of supplemental insurance. Alternatively, Medicare beneficiaries also have the choice to switch their Medicare to a private Medicare Advantage plan. So, what’s the best choice for you? In this guide, Time for 65 will break down the top 5 tips to make your choice easier.

Evaluate Your Health

Some people don’t need much more than Original Medicare, while others have preexisting conditions that can be costly. It’s best for you and your doctor to evaluate the state of your health before you’re eligible for Medicare. This way, you will be better prepared to choose the kind of coverage that’s right for you as soon as it becomes available. However, keep in mind that your need for health coverage will likely increase with age, and you never know what ailments you might have 10, 20, or 30 years from now.

Look Over Your Budget

Whether you’re still working or you’re retired and collecting Social Security benefits, you probably have a weekly or monthly budget. Compared to many other forms of health insurance, Medicare is relatively cheap, but it’s not free. You’ll need to see how much you can afford to pay in monthly premiums, deductibles, and out-of-pocket expenses (a Medigap plan can help with the latter two). This is especially important when deciding whether or not to add additional coverage to your Original Medicare.

Look at Your Prescription Drug Needs

The truth is that most people need some form of prescription drug coverage. While it is optional, a prescription drug plan could help save you thousands of dollars on medications. The most common form of prescription drug coverage for older adults is Medicare Part D. However, you can also get Part D coverage through a Medicare Advantage plan.

Look at Additional Benefits

Original Medicare is pretty straightforward. Part A covers your hospital care, while Part B covers your outpatient care. However, neither one covers the costs of dental, vision, or hearing treatment. As a result, you may want to consider a Medicare Advantage plan. Medicare Advantage takes the benefits of Original Medicare and adds prescription drug coverage, plus coverage for dental, vision, hearing, and an annual “wellness” checkup.

Contact a Licensed Agent

It’s not always easy to evaluate your own healthcare needs. Even your primary care physician cannot always predict what kind of coverage you will need in the future or what you’ll be able to afford. So, why not contact someone who understands Medicare coverage inside and out? Fortunately, the partnered licensed agents at Time for 65 are ready to provide you with any Medicare guidance you require.

If you still have questions about choosing the best Medicare and prescription drug plans for you, feel free to fill out this form or give us a call to speak with our partnered licensed agents today.