Knowing what Medicare plan is best for you is an important part of planning for your future. And the type of medical coverage you have will significantly impact your finances and your healthcare options if and when you’re in need of medical care.
This post is sponsored by Sivan Social. All comments and opinions are my own.
Whether you’re enrolling in Medicare for the first time or if you’re up for renewal, making sure you’re up-to-date with the latest news regarding Medicare Annual Enrollment is a must! Even if you have experience with health insurance, navigating through and understanding the nuances of Medicare isn’t always easy. Trust me, I know. I spent much of my career helping people make sense of their Medicare plan after they’ve chosen it!
The Hard Reality of Understanding Your Medicare Plan from a Social Worker’s Perspective
Before I become a stay-at-home mom with a passion for debt-free living, I was the Director of Social Services in a skilled nursing facility (aka rehabilitation/nursing home) for several years. Most of my daily responsibilities revolved around educating my residents and their families on what resources were available to them through their Medicare plan.
The residents I assisted were admitted to the facility because they had a recent hospitalization due to a sudden health change. And they no longer required hospitalization, but their medical/physical needs were not at the level to where they could safely return home.
I can tell you from experience that I have counseled many upset patients and families who did not fully understand the Medicare plan they signed up for until after they needed to rely on it for coverage. And for them, it was too late to switch it when they were in the middle of a healthcare crisis.
Many of them did not realize that their Medicare only covered 20 days of skilled nursing care. And then after that, they would be responsible for a hefty out-of-pocket co-pay. Others did not realize that they did not sign up for Medicare Part D, and they would be responsible to pay for their prescriptions out of pocket. Still, others chose a Medicare plan that required an insurance case manager to determine how long the plan would pay for their skilled care at the facility based on how they were progressing on a daily basis.
I would strongly advise anyone that is eligible for Medicare to do their research beforehand, especially in preparation for medicare Open Enrollment between October 15 – December 7, 2021. You can start finding the answers to those tough Medicare questions here at Senior Living’s website.
But let’s be honest, figuring out what Medicare plan is best can be incredibly confusing! Wouldn’t be great if there was someone out there that could listen to your situation and talk you through your options? I am happy to share with you a resource just for that: QuoteManage.
You can talk through your unique situation and receive a no-cost, no-obligation Medicare plan consultation with a professional from QuoteManage by calling (855) 943-2826. I love this option because you do not need to only rely on web-based information that can quickly become outdated. The pros at QuoteManage can guide you with the most current Medicare Enrollment information so that you make an educated decision and find the Medicare plan that is best for you.
I will always have a passion for educating those who make big life decisions that affect their finances, health, and well-being! So let’s answer a few frequently asked questions about 2022 Medicare Open Enrollment.
2022 Medicare Open Enrollment FAQs
What is Open Enrollment?
Medicare Annual Open Enrollment is a window of time in which you can enroll in Medicare for the first time, drop your plan, or switch plans. This year Medicare Annual Enrollment starts Oct. 15th and ends Dec 7th. That means that now is the time to get prepared!
What happens if I miss Open Enrollment?
If you’re newly eligible for Medicare and you decide to skip enrolling during your initial enrollment period, you could face hefty late enrollment penalties. The longer you wait to enroll, the larger the fee will be. So it’s important to enroll when you’re first eligible.
How do I know what Medicare plan is best for me?
I strongly advise you to do your research first to get an understanding of the in’s & out’s of Medicare. You can find answers to FAQs about Medicare on Senior Living’s website. And you can also receive a no-cost, no-obligation Medicare consultation from QuoteManage by calling (855) 943-2826.
What are the names of Medicare Plans that I need to know?
You’ll want to understand the following types of Medicare Plans:
- Medicare A covers inpatient hospitalization.
- Medicare B covers outpatient care such as your doctor’s appointments, testing, home health care, medical equipment, etc.
- Medicare C is called a Medicare Advantage plan which replaces A & B and is managed by a private insurance company.
- Medicare D covers prescription drugs.
- Medigap is a supplement to Medicare A & B that helps cover co-payments and acts as co-insurance.
What are some questions I should ask when choosing a Medicare plan?
- What costs should I anticipate (premiums, copayments, deductibles)?
- Do I have to choose a provider from a certain network? If so, what providers are available in my area?
- Does this cover vision, hearing, prescriptions, or dental services?
- Is there any out of network coverage if I need care when traveling?
- Will my doctor have to get pre-approval from the insurance before I receive certain services or treatments?
- Will I need a referral to see a specialist?
Final Thoughts on What Medicare Plan is Best
Medicare isn’t free. You’ve put in a lot of hard work, time, and energy over the years to receive your Medicare health benefits. Because of this, it’s essential that you make an informed decision when enrolling in Medicare. Of course, no one would want to miss out on any of the benefits they’ve earned.
It’s very important to know that just because a plan is out there, it doesn’t mean it’s the right plan for you. If you blindly choose just any plan, you may not fully understand what coverage you have until it’s too late. Be proactive and start researching your options now and consider calling an expert, such as QuoteManage, to help guide you.