Financial News

Five Considerations for Choosing a Medicare Plan

2018-10-22T09:15:00

(BPT) – For Michigan residents ages 65 or older, and those who qualify for Medicare due to a disability, the fall represents an important time to choose a new Medicare plan or make changes to existing coverage. The Medicare Annual Enrollment Period begins October 15 and ends December 7, so now is the time to determine any new coverage needs and ensure your health care benefits complement your lifestyle or a loved one’s.

With that in mind, Blue Cross Blue Shield of Michigan suggests five important considerations to make choosing a Medicare plan easy and understandable:

1. Should you enroll in a Medicare Advantage plan? Medicare has four parts: A, B (which together are known as “Original Medicare”), C and D. Part A covers costs associated with hospitalization. Part B focuses on doctor bills, lab tests and other related expenses and Part D covers prescription drug costs. Part C, however, is unique. Another name for Part C is Medicare Advantage, which are health plans offered by private insurers that are regulated by the federal government. Medicare Advantage plans include all Medicare Parts A and B benefits and often include Part D prescription drug benefits as well.

Medicare Advantage plans require additional cost sharing, which can be in the form of a monthly premium, co-pays or coinsurance paid to the private insurer, in addition to the Part B premium paid to the Centers for Medicare and Medicaid Services (CMS). But enrolling in Medicare Advantage provides out-of-pocket maximum protection that’s not offered with Original Medicare, as well as many other benefits that vary by plan. To decide what’s best for you, review all plan options and benefits, and your past health expenses carefully, and stay informed about the basics of Medicare here.

2. Is the plan right for your lifestyle? While you may be getting older, chances are you’re not slowing down. If you live an active lifestyle, you’ll want a health plan that can keep up.

A plan that includes primary care is important, but you may also want coverage for health services while traveling outside the state. Heading to warmer climates during the colder seasons is much easier and can be less expensive with Blue Cross plans that include access to a nationwide network of providers and the BlueCard® program to ensure seamless health management. Many plans now also offer online doctor visits as well as access to coverage information through mobile apps, so everything is available wherever you go.

3. What are the plan’s specifics? It’s important to identify a plan that lets you live life on your terms, providing the support you need at an affordable price. Blue Cross Medicare Advantage plans provide access to top doctors and leading hospitals coast to coast, along with online resources like a member portal and mobile app.

Services like enhanced dental, vision and hearing benefits are not covered by every plan, so if you depend on your Medicare plan for these services — or may need to — it’s important to choose a plan with these options. Blue Cross is now offering its ‘best-ever’ Medicare Advantage plans with lower premiums, deductibles and copays, coupled with enhanced supplemental dental, vision and hearing packages.

4. Does the plan meet your drug coverage needs? Medicare advantage prescription drug plans each have formularies — the lists of drugs covered under each option. Before choosing coverage, check the plan’s formulary to confirm the medications you need are included. To reduce costs, check with your doctor to see if a suitable generic version of your medication is listed in the formulary as well. Look for the availability of preferred pharmacy networks, where you can save significant amounts on copays and coinsurance.

5. How is the plan rated? With so many factors to consider when reviewing Medicare options, deciding which plan is best can be difficult. While personal preference is certainly a factor, CMS has made it easier by awarding each plan a star rating of 1 to 5. These ratings are based on a wide variety of factors regarding member support and satisfaction. When reviewing options, look for plans with a rating of at least three and a half stars and start your comparison shopping there. This allows you to focus on what’s most important while also providing peace of mind in regard to quality.

Get the most out of any plan you choose by reviewing all available benefits. While most plans cover annual check-ups and immunizations, others may include access to fitness clubs locally and nationally or even offer a consultant who will work with you to get the most out of your coverage.

To learn more about Blue Cross Blue Shield of Michigan Medicare plans, click here.

Medicare Plus BlueSM, BCN AdvantageSM and Prescription BlueSM are PPO, HMO, HMO-POS and PDP plans with a Medicare contract. Enrollment in Medicare Plus Blue, BCN Advantage and Prescription Blue depends on contract renewal.


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