What is the CHEAPEST Medicare Plan? Call us at iHealthBrokers at 888-410-0344. Our services are 100% FREE!
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0:00 Intro
1:34 Original Medicare
2:53 Medicare Supplement Plans
9:23 Medicare Advantage Plans
15:46 Medicare Part D
Original Medicare:
Original Medicare is not offered by private carriers. Therefore, you can't really shop around the get the cheapest plan. Luckily, for most people, there is no premium for Part A.
There is, however, a monthly premium for Medicare Part B. This is based on your income.
Although you can't shop around, there is a way to potentially save money on Medicare Part B: make sure to stay on top of your tax returns! Medicare calculates your monthly premium based on your tax returns from two years prior. If you have retired and are making less money, make sure to file SSA-44 to update your income: https://www.ssa.gov/forms/ssa-44-ext.pdf
Medicare Supplement Plans:
Medicare Supplement Plans (Medigap Plans) are the most common type of supplemental Medicare coverage. There are many plans to choose from with different benefits and price points.
Medicare Supplements are standardized so the benefits do not vary from carrier to carrier. First you must choose the appropriate plan for your needs. There are many plans to choose from, but let's focus on three main options.
Medicare Supplement Plan G- is your most comprehensive coverage option. It will cover all of the gaps of Original Medicare except for the Part B deductible. So, for Part A, your deductible and coinsurance will be covered. You will not have to pay anything if you utilize these services. For Part B, there will be no coinsurance for any covered services.
Your yearly healthcare costs with Medicare Plan G are:
12 X (Part B Monthly Premium + Plan G Monthly Premium) + Part B Deductible
If you want to ensure no surprise medical bills OR you have doctor's and specialist visits or medical procedures needed, this may be the best way to find the cheapest Medicare Plan.
Medicare Supplement Plan N- is almost identical to Plan G. The exception is Part B Excess charges. Some doctors charge more than what Medicare will cover. If this is the case and your Medicare Supplement Plan doesn't cover these charges, you will be responsible for them.
However, in some states there are no Part B Excess Charges and in general, they are not very common. So if you feel comfortable with taking he risk of Part B Excess Charges and you can find a Plan N with a much lower monthly premium, this way be the way to find the cheapest Medicare Plan.
Cost Sharing Supplement Plans- are Medicare Supplement Plan K & Medicare Supplement Plan L. These will cover a portion of your coinsurance and may offer lower premiums.
Remember, if your doctor accepts Medicare, they accept your Medicare Supplement Plan, so use a broker and shop around!
Medicare Advantage Plans:
Medicare Advantage Plans (Medicare Part C) replace Original Medicare entirely. You will give up access to the extremely broad Medicare Network but you have:
1. Additional benefits not offered by Medicare such as hearing, dental, vision, and prescription drug coverage
2. Out of Pocket Maximums not offered by Original Medicare
3. Potentially lower copays or coinsurance
4. Lower monthly premiums than Medicare Supplement Plans
If you decide a Medicare Advantage Plan is right for you, make sure you look at:
1. Monthly Premiums
2. Benefits and Networks
3. Copays and Coinsurance
4. Deductibles
5. Out of Pocket Maximums
Comparing these costs will help you find the cheapest Medicare Plan.
Additionally look at prescription drug coverage if it's offered by your plan. If your plan offers dental, make sure your dentist is in network. Finally take into consideration DSNPs, CSNPs and insulin savings plans if applicable.
Medicare Part D
Medicare Part D is your prescription drug coverage. Although it is offered by private carriers, it is federally regulated. Compare:
1. Monthly Premiums
2. Deductibles
3. In Network Pharmacies
4. Copays and Coinsurance for your prescriptions.
If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or https://ihealthbrokers.com/
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