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About Medicare
May 31, 2024

7 Things to Consider When Choosing Medicare Coverage

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While Medicare does come with a guidebook, there are many scenarios that it does not cover. Unless you are experienced with insurance, you may be wondering which questions you should be asking that you haven’t yet asked. Here we will discuss seven important things you should consider when transitioning to Medicare.

1. Will you have additional coverage?
Some people qualify for different types of insurance upon retirement, such as retiree plans, union coverage, VA benefits, or TRICARE. It is important to know how this additional coverage will work with Medicare. Before declining or accepting additional coverage options, be sure to consult your benefits administrator to fully understand your options.

2. When do you need coverage to start?
In recent years, more people have decided to delay their Medicare enrollment to continue working full-time. If you need to delay your Medicare start date, be sure to contact the Social Security Administration to plan out your Medicare start date. Remember, there are Late Enrollment penalties if you delayed Medicare enrollment and did not have creditable coverage in the meantime.

3. How much can you afford to spend on insurance?If you have a comfortable savings built up, you may have more wiggle room when it comes to paying for an insurance plan. However, for many, their Social Security check is their only source of income. This plays a major role in which insurance you can realistically afford in retirement. Be sure to consult a licensed insurance agent who can break down all potential costs including premiums, deductibles, copayments and coinsurances.

4. Do you have certain providers that you NEED to keep?
When you find a good doctor that understands your needs, it is hard to let them go and start over with someone new. If you have certain health conditions, you may already have a team of providers working to coordinate your care. Trying to make sure all your essential doctors accept your insurance can seem like a balancing act. Luckily, there are plan options with flexible networks, or no network at all.

5. How often will you use your insurance?
Whether you only see a doctor for annual checkups or see multiple doctors routinely will make a huge difference in which plan you may choose. Some plans have a lower premium and charge a copay as you go, while other plans have a higher premium with less copays. Visualizing how you will use your insurance will make your decision much easier.

6. Do you plan on traveling in the future?For the most part, Medicare does not cover you while traveling outside the US, however some plans have worldwide coverage that extends beyond what Medicare covers. Be sure to discuss this with your insurance agent when looking at plan options to ensure you get the right coverage for your lifestyle.

7. Will you live in another state or split time between multiple states?
Some plans, such as Medicare Advantage plans, are based on your service area (your residential zip code and county). Therefore, if you move, you’ll likely have to select a new plan in your new area- even if it is just one county over. Medicare Supplement plans (Medigap) on the other hand, are portable, so you can take them with you anywhere you reside within the US and its territories. If you plan on living in multiple states/areas, be sure to mention this to your agent.

We hope this list provided some helpful takeaways! AMAC’s Medicare Advisory service is dedicated to giving you straight-forward, accurate information to help you on your Medicare journey. Our industry experts have access to multiple plan types from top rated carriers you trust. If you or anyone you know needs Medicare guidance, we would love to help!

Call 855-611-4856 to speak to an agent or click below to request a call.

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