Financial services broker Matthew Bussard uses his years of experience advising people on Medicare plans to outline some key points to analyze when making that decision.
Choosing Medicare coverage can be tricky. There are many aspects of Medicare plans people should factor in when they’re analyzing their options.
Financial services broker Matthew Bussard suggests all Medicare decisions begin with coverage. Medicare covers most medical supplies and services provided in a doctor’s office, hospital or other health-care setting. These are covered under Medicare Part A or Medicare Part B.
Medicare Advantage is an alternative plan that may provide additional benefits such as hearing, vision and dental.
Next, people should compare the coverage provided in these plans to the specific coverage they need. Then, find out if your current doctors and health-care providers accept these plans and make sure that the plans cover all your regular day-to-day health needs.
If for some reason they don’t, you can opt to purchase supplemental plans to fill in the gaps that aren’t covered by either an Original Medicare of Medicare Advantage plan.
A major area of need for those on Medicare is prescription drug coverage. Prescription drug coverage is offered under Original Medicare through Part D. Most of the Medicare Advantage Plans include coverage for prescription drugs, but some don’t. If not, joining a Plan D plan would provide that coverage. According to Matthew Bussard, the next important step is to check to see if a person’s current doctors, or the ones they want to see, accept Medicare.
Original Medicare allows patients to see any doctor who accepts Medicare. People who have Medicare Advantage plans may need to see providers who participate in the network.
The final stage, of course, is to consider the costs of coverage. At this stage, people should compare the best options they’ve found using the steps above, and see what plan would be best for them when weighing costs.
There are many cost factors to weigh with Medicare. People need to weigh the cost of their premiums, deductibles and any other costs. They should weigh the cost of services such as a visit to the doctor or a stay in the hospital.
With Original Medicare, there is no annual out-of-pocket limit for costs, which is why many people choose to purchase supplemental coverage. Medicare Advantage plans, by contrast, have an annual limit for out-of-pocket cost. As a result, many people see this aspect of Medicare Advantage as the most beneficial and cost-effective since it provides a maximum amount a person would have to pay in medical costs for a particular year.
As Matthew Bussard suggests, people should weigh all aspects of plans before deciding on Medicare coverage.
This process can be complicated and overwhelming. Luckily, there are professionals who have experience dealing with Medicare plans which, providing can provide assistance and guidance for people choosing Medicare plans.
Matthew Bussard is a financial services broker offering support to Medicare users in Rhode Island. He is passionate about creating a difference in his clients’ lives by helping them enroll in Medicare with professionalism and care. Mr. Bussard volunteers with Medicare recipients at clinics, providing efficient, continual guidance to clients every step of the way. Matthew also participates in various charitable activities, including The Hunger Project, the MDRT Foundation, local clean-ups, and little league coaching. He donates to local charities and makes a difference in his community in every way possible.