Another important decision regarding Medicare for retirees: Should you use Original Medicare or go with a Medicare Advantage Plan? If you choose original Medicare, should you consider Medigap?
Before making that decision, you’ll want to understand the difference between the plans. Medicare.gov offers this explanation: Original Medicare includes Hospital (Part A) and Medical (Part B) insurance. If you want drug coverage, you can add a separate drug plan (Part D). You can also add a Medicare Supplement Insurance (Medigap) policy to help pay your out-of-pocket costs.
A Medicare Advantage Plan is an all-in-one alternative to Original Medicare. These “bundled” plans include Part A, Part B, and usually Part D. Most plans offer extra benefits— like vision, hearing, dental, and more.” The site also has a helpful Medicare Plan Finder tool.
Once you understand the options available to you, we suggest you:
- Add and compare costs
- Look at networks and providers
- Consider added benefits, such as vision, dental, and hearing care
Wouldn’t it be nice to be able to talk with someone who’s well informed about Medicare for retirees and familiar with your specific financial circumstances? You can. When you work with Retirement Planners of America, we offer comprehensive retirement planning, which includes consultation regarding your Medicare options. Our advisors can help you navigate the Medicare maze and choose a plan for you.