In the United States, Medicare is a program that allows individuals meeting the requirements to obtain health insurance coverage. You usually qualify for Medicare when you're age 65 or older or have a disability.
There are a variety of Medicare plans available, so picking the one with the best coverage might be challenging. Learning about the different programs available based on your health needs can help you make an educated coverage decision.
What types of Medicare plans are there?
Knowing what kinds of programs are available and their coverage options will help determine the best plan for you.
There are several types of Medicare plans available. Here’s an overview of the different types of programs:
Medicare Part A: Medicare Part A covers hospital stays, also known as hospital insurance. This type of Medicare covers inpatient hospital stays, hospice care, home healthcare, and skilled nursing facilities.
Medicare Part B: Medicare Part B is a health insurance plan for medical coverage. Part B covers outpatient, preventative health, health equipment, doctors and physicians, and home health services.
Medicare Part D: Medicare Part D covers prescription medications.
Medicare Supplemental Coverage (Medigap): Medigap coverage is extra Medicare coverage you can buy from private companies to fill in gaps not covered by the other Medicare plans.
Medicare Advantage (also known as Part C): Medicare Advantage plans are offered by private companies that cover health and prescription costs. Medicare Advantage plans may also include dental, vision, and hearing services.
What Medicare plans are the best?
Choosing a Medicare Plan that’s best for you depends on price, overall rating, and health needs.
According to a 2022 study from J.D. Power and Associates, these are the top-rated Medicare Part C and D plans based on overall satisfaction:
This plan offers a variety of services to meet your health needs. Kaiser offers medical, hospital, and prescription drug coverage with no yearly deductible. This plan offers a \$0 co-pay on all preventative services. Emergency services and urgent care is available to you on this plan anywhere in the world.
You can add services such as dental, hearing, and vision coverage for a low cost on this plan. This plan also offers telehealth services.
Humana has the most widely available coverage options. They specifically offer great coverage for veterans by providing veterans benefits.
Humana offers Medicare Advantage Plans for a low cost and a wide range of HMO and PPO plans. You may even qualify for Humana’s \$0 premiums on plans. Humana’s Medicare Advantage plans also provide hearing, dental, and vision coverage.
Highmark Medicare Advantage Plans are available for New York, Delaware, West Virginia, and Pennsylvania residents.
Highmark Medicare Advantage Plans offer medical and preventative services, with some offering \$0 deductibles. Depending on which plan you enroll in, you may also have access to benefits such as:
· Medicare Part B premium giveback
· Fitness benefits
· Socialization opportunities
· 24/7 access to nurse lines
· Medication management resources
· Home health benefits
· Low co-pays
Each of these additional benefits depends on the plan and coverage you choose.
How to choose the best plan for you
The top-rated plans offer numerous benefits, but not every plan will fit your needs.
When choosing a plan for yourself, consider the following:
· The cost of original Medicare
· The cost of Medicare Advantage Plans
· What coverages you're looking for based on your current health needs
· How Medicare works with other health coverage you might have
· Whether you need your plan to cover prescription drugs
· If your doctors and specialists accept Medicare
· The quality of medical care offered by your plan
· If you need additional travel coverage on your plan
Choosing a Medicare plan with low costs but quality care can be overwhelming for some people. For more information on comparing plans, you can use Medicare’s Care Compare tool to compare providers and facilities near you.
Saving money on Medicare coverage
If you want to save money on your Medicare coverage, you can cut costs in multiple ways, including:
Enrolling in the fall open enrollment period-During this time, you can analyze your health needs and add or change your Medicare coverage based on your needs.
Find out if you qualify for a Medicare savings plan- Four savings plans offer financial assistance to low-income individuals. The Qualified Medicare Beneficiary Program (QMB), the Qualifying Individual (QI) program, Specified Low-Income Medicare Beneficiary (SLMB) program, and Qualified Disabled and Working Individuals (QDWI) program all offer financial help.
For more information about these programs and to see if you qualify, check out 4 programs that can help pay for your medical expenses.
Watch out for Medicare Scams- Medicare scams can rob you of your money and keep you from receiving quality care. Staying aware of common Medicare scams can help you avoid them. Additionally, if you’re an individual with Medicare, you may deal with fraud and abuse. To report fraud and abuse of Medicare services, you can call 1-800-MEDICARE (1-800-633-4227).
Resource Links
- “Parts of Medicare” via Medicare.gov
- “Customers Perceive Shortfall in Medicare Advantage Plan Coverage of Mental Health and Substance Abuse Services, J.D. Power Finds” via J.D. Power
- “Consider these 7 things when choosing coverage” via Medicare.gov
- "Protect yourself against Medicare scams" via Federal Trade Commission
- "4 programs that can help pay for your medical expenses" via Medicare.gov
