Medicare Plans 2020
Let’s take a look at the wide array of Medicare plans for 2020 that are available on the market for seniors today. You may not need all the plans we are going to look at, but if you could benefit from even one of them, then you may be able to save hundreds of dollars on medical care costs.
There are lots of variations on the plans we are going to discuss. Many of these plans are sold by private insurance companies, and these companies are given some freedom as to what kind of coverage they can include with some of the plans. That means that the variety is almost endless, and we are just going to cover the basic and general coverage for each plan.
Medicare’s Basic Plan
If you want your coverage through Medicare directly, then you can go with Original Medicare, also called basic Medicare. This plan has been carefully designed to take care of the most common medical costs that people experience. These are expenses such as ambulance care, in hospital services, laboratory testing, inpatient and outpatient services, preventative medicine, checkups and more. Even skilled nursing care and hospice care are included in Original Medicare coverage.
The basic plan is only sold by Medicare, so the coverage doesn’t really change from one location to the next. It’s only Medicare providing this plan, and Medicare regulates what it offers and lets its subscribers know about changes long before they go into effect. That means there should be few surprises when you sign up for an Original Medicare plan.
However, the coverage can be a bit different from one state to another. The basic plan stays the same, but what is considered to be medically necessary may be slightly different. That’s because there are state laws that dictate medically necessary services that vary depending on the state you are in. Be aware of these differences and factor them into your expectations for coverage.
If you are not sure if you are going to be covered for a particular expense, then you can simply ask your medical insurance agent or a doctor about it. You are entitled to know if the coverage plans you have will be covering you for a given service before you receive that service. That means that you never have to pay for something that you are not covered for, if you choose to turn down that service.
If the basic Medicare plan leaves something to be desired, as far as coverage for you goes, then you should consider adding on some coverage to it. You may want to look at Medicare Supplement plans and what they are offering. They cover many of the expenses that Original Medicare leaves for you to pay on your own, and these are effective medical plans for anyone who needs a bit of extra coverage. These are sold by private insurance providers, and Medicare only regulates their coverage. The prices, though, are up to the insurances companies that sell them, so be aware of that and be sure to compare prices for the best rates.
Medicare Part D
This plan will cover your prescription drug costs, or at least some of them. There are tons of prescription drugs that can be covered completely or almost completely by any given Part D plan. There are lots of them, though, so what gets covered and how covered it is will vary from one provider to the next. Each insurance company has their own Part D plan, so you want to look what is being offered and compare your choices to find the best deal.
Part D plans are arranged into tiers, with each tier offering a different level of coverage. The long list of drugs that Part D covers are spread out across these tiers. Some drugs will be covered entirely, while others are hardly covered at all, and it just depends on what tier they fall on. You should be looking for a Part D plan where the drugs you need to buy are on a high coverage tier within the plan. Exceptions may be made for people who need a certain drug that is on a low coverage tier. The drug may be bumped to a higher coverage tier in their case.
Medicare Part C
The Part C plans, or Medicare Advantage plans, offer coverage for all sorts of medical expenses. They actually encapsulate all of the Original Medicare plan and its coverage, which allows you to get Original Medicare from a private insurance company, in roundabout way. In addition to Original Medicare, the Part C plans will also cover you for urgently needed medical care as well as for emergency medical services. That’s just the basic Part C plan, though. If you buy this plan through certain insurance companies, you can enjoy coverage for things like annual checkups, medical apparatus your doctor prescribed and Part D drug coverage.
Which One to Choose?
We cannot tell you which Medicare plan, if any of them, that you should be choosing. It’s up to you to look at your healthcare needs and decide what kind of coverage you can afford and what kind of plan would cover you well. Only you know for sure what will be best for you, but you should be consulting with both your doctor and your insurance agent to find out what kind of expenses and healthcare needs to watch out for in the coming year.
With the right Medicare plans, you can be covered like you need to be and not have to worry about paying much out of your own pockets. You want a plan that leaves you little to pay from your own money but that is also affordable, and that can be a tough balance to strike. This is why we suggest you take some time to look through these plans and try to figure out what will work best for you. You should keep in mind that your needs are going to change in time, and the plan you choose now may not be the best plan for you in few years. Be prepared to change up your coverage when the time comes.