For anyone who has come upon a time when they can or need to utilize Medicare, you know there is so much information to sift through and understand.
At times, it can feel like the more information you get, the more questions that can arise. It can be a lot.
We have put together some of the 10 most common Medicare questions, according to Debbie Stroup, a licensed insurance professional with Michigan Medicare Specialist.
1. When can I sign up for Medicare?
You can sign up for Medicare any time during the three months before your birthday, the month of your birthday and up to three months after your birthday, Stroup said. And it can be done with no Medicare penalty.
2. What is the difference between Medicare Part A, Part B, Part C and Part D?
To put it simply, Stroup designated each one in a way that is easy to understand:
- Part A is your hospitalization coverage.
- Part B is your doctor coverage.
- Part C is Advantage Plans.
- Part D is your prescription drug coverage.
3. What is the difference between Medicare Advantage plans and Medicare Supplemental/MediGap plans?
There are two options commonly used to replace or supplement original Medicare:
- The Medicare Advantage plans is an alternative way to get original Medicare.
- Medicare supplement (or Medigap) insurance works alongside your original Medicare coverage.
These two plans have significant differences when it comes to costs, benefits and how they work. It’s important to understand these differences as you review your Medicare coverage options.
4. Do I need to sign up for prescription drug coverage?
Stroup said Medicare requires you to sign up for prescription drug coverage -- even if you do not take any medications. If you do not sign up for it initially, when you decide to later, you will be penalized.
5. Will my doctor accept my Medicare coverage?
There are various Medicare plans out there, and each one is different. It is critical that you thoroughly research every plan to see if all your doctors accept them. It is also critical to make sure a plan works with all your prescription drugs before you make a selection.
6. Will my pharmacy accept my Medicare prescription drug coverage?
This is a very important question because most people do not want to switch the pharmacy they currently use. And just asking your pharmacist is not always to best way to get an answer. Stroup says you should thoroughly do your research to ensure your pharmacy works with your plan selection.
7. How do I know which plan is best for me, my budget and my current needs?
There are so many insurance companies out there offering plans in your area. It can be difficult to know how to pick the best plan for your needs. Stroup said you should understand these four things:
- Which plans your doctors accept.
- Where you need to go to fill your prescriptions.
- What your budget is.
- Your current health care needs.
“So many of the low-cost plans out there nickel-and-dime you, and that is not always easy to detect when searching for Medicare plans,” Stroup said.
8. How much does Medicare cost?
Part B costs around $164.90 per month for 2023. The projected amount for 2024 is $174.80. Then, you need to add the cost of your extra plan, deductibles, coinsurance, copays and other expenses that are not covered by Medicare.
9. For people who travel a lot, or “snowbirds” who live elsewhere in the winter, how important is it to select a plan that works no matter where they’ll be?
Stroup said it can be incredibly important. There are plans that are based right here in Michigan that can be used in “snowbird” states, such as Florida, Arizona and Texas. Many plans out there may not have a “snowbird” clause built right into them, so it’s important to do your research.
[RELATED: Stroup gives advice to “snowbirds” on podcast]
10. Who should I trust to help me get through this maze?
It is critical to place yourself in the most suitable Medicare plan that is designed to meet your specific budget and health care needs, and it needs to work with your doctors and prescriptions.
Stroup said working directly with a local, independent Medicare specialist can be extremely helpful. They are trained directly by Medicare to help you find the best plan that will fit your needs and budget and work with your doctors and pharmacy. Stroup said working directly with a Medicare specialist typically costs you nothing, and it will not raise your premiums.
To learn more about choosing the best Medicare options for you, call 248-227-0347 or email Stroup at debbie@michiganmedicarespecialist.com. You can also schedule an appointment with Stroup by clicking or tapping here.