Factors to consider while choosing a Medicare plan

Factors to consider while choosing a Medicare plan

Choosing a health insurance plan and the provider is complicated, as the industry is saturated with many options. Therefore, it is essential to conduct extensive research to find the best Medicare Advantage plan. Also, a clear understanding of the requirements makes it easier to narrow down the options. For some, the importance lies with the network of doctors under the insurance provider; for others, it might be the cost and procedure coverage the plan promises.

The deductibles and premium costs associated with the plan can impact your decision. So while you are at it, find out different cost-related aspects like out-of-pocket expenses, yearly coverage limits, deductibles, and copayments, all of which could affect your financials.

Medicare plans cover expenses made in the doctor’s office, hospitals, and health care centers. The main medicare coverage is done under Part A or Part B. However, if you have a medicare advantage plan, you stand to gain more. These plans provide all the coverage an original Medicare plan will provide, along with additional coverage options. Some plans might even offer coverage for dental, vision, and hearing treatments. 

Are you planning to sign up for a prescription plan? Or do you already have an existing prescription coverage plan available? Does your insurer levy a fine to join a subscription plan at a later stage? Make sure you get the answers to these questions, as they are crucial to avoid any discrepancies or arguments in the future. If you are ever put on a prescription treatment plan, you might need your Medicare plan to provide some coverage, if not in full. 

Choice of doctor
Another thing you want to take a look at when opting for Medicare plans is the in-network doctors, hospitals, and other healthcare centers and services. You will also want to check whether your doctors are covered under the Medicare plan. However, some Medicare Advantage plans offer certain out-of-network coverage options too. 

One of the top Medicare providers in the country is Humana. The company offers a variety of healthcare plans with different price points that help users decide upon a plan based on their specific needs and budget. The company covers Private Fee-For-Service (PFFS), Preferred Provider Organization (PPO), Health Maintenance Organization (HMO), Special Needs Plan (SNP) plans, and others that come with or without prescription coverage. 

Two of its notable Medicare Advantage plans are:

HumanaChoice PPO
With zero monthly premium and out-of-pocket expense coverage of up to $4,900, this plan is an excellent choice for you looking to add to your existing Medicare plans and for new insurance seekers alike. It covers vision and dental and may even include prescription treatments. Another benefit of the plan is the SilverSneakers® Fitness Program, a service the insurer provides at no additional charges.

Humana Honor PPO
This plan is designed in order to benefit the veterans. However, people that meet the plan’s eligibility criteria can also sign up for it. It provides annual out-of-pocket coverage of $6,700 with no monthly premium. The copay coverage is provided for doctor and specialist visits aside from hospital stays. The plan cover eye and dental treatment. It also gives you access to their SilverSneaker® Fitness Program and might provide free transportation for your doctor’s visit.