Medicare is the US Government’s health insurance program for individuals over the age of 65 and for individuals with a qualifying disability. To be eligible for Medicare at age 65, you must have paid into the Medicare fund for at least 40 calendar quarters, or pay additional premiums. Once eligible, you have three main ways to receive your health care benefits.
- Original Medicare
- Medicare Supplement Plans
- Medicare Advantage Plans
Neither original Medicare, nor Medicare Supplement plans include coverage for prescription drugs, but you can purchase a Prescription Drug Plan to help with those costs. Most Medicare Advantage plans do include prescription drug coverage. Some Advantage plans also include some Dental and Vision benefits, which wouldn’t be covered by Original Medicare or Supplement plans.
Which Plan is Best for You?
People always want to know, “Which plan is the best plan?” But there’s no plan that is best for everyone. All the plans are different, and every person is different. In order to determine which plan is the best one for you, we need to consider many factors including:
- What prescriptions do you take?
- What health conditions are you being treated for?
- Which doctors do you see, how often, and where are those doctors located?
- How important are those doctors to you? Would you be willing to change doctors if it could save you money?
- How much do you travel? And where?
- What is your ability to withstand out-of-pocket expenses in the event of a catastrophic event?
- Do you qualify for Medicaid? (Insurance provided by the state and federal governments for individuals living at or near the national poverty level.)
- If you are unsure whether you qualify for Medicaid, and would like help with the application process, contact an Einstein Advisor. We’ll be happy to help.
In most Florida counties, for example, there are literally dozens of plans to choose from. No plan is right for everyone, and the only way to know which plan will meet your needs is to consider these questions and look at the options side by side. At Einstein Advisors, that is exactly what we do.