September 3, 2019 — Lately we have had a mini-avalanche of comments and questions about Medicare. They are mostly to do with which is the best plan to choose – Regular Medicare, or one of the many choices under Medicare Advantage? With plans ranging from A – N, it can all be downright confusing. So, to help you prepare for the upcoming Medicare Open Enrollment period (starts October 15 and runs through December 7), we are fortunate to have a Q and A article with a real Medicare insurance expert (now available). Tom Cretella of Cretella and Belowsky will try to answer many of the questions we have seen come up on this issue. Stay tuned, it should be very helpful! (Also, see list of related articles in our Medicare series at end)
New Medicare Comparison Plan Tool Announced by Medicare.gov.
While we await this article you can go to https://www.medicare.gov/plan-compare and you will find a new tool to help you choose your Medicare coverage and pick a plan. That includes buying a Part D or Medicare Advantage plan.
As a review, there are 2 main ways to get your Medicare coverage—Original Medicare and Medicare Advantage.
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.
Your comments and questions. Meanwhile, we are adding the Medicare comments here that were made to another post (7 Deadly Retirement Sins), because they deserve their own place. You will see that several people posted multiple times to reinforce their positions – there are many different opinions on which plan is best!
What are your Medicare and Medicare Advantage questions? Please tell us in the Comments section below and we will attempt to answer them in next week’s article. Just in time for Open Enrollment!
For further reading:
- Part 1: So You’re Turning 65: Here Is Your Medicare 101 Course
- Part 2: “Topretirements Members to Washington: We Like Medicare, Please Keep It That Way“
- Part 3: What to Do about Medical Insurance When You Retire Early
- Part 4: Medicare Advantage vs. Original Medicare
- Part 5: What Is Medigap Insurance and How Can I Find the Right Policy for Me
- Part 6: Original Medicare + Medigap vs. Medicare Advantage: Which Is Better for Me