If you're approaching retirement soon, you're likely thinking about Medicare. Medicare is a valuable and important program for seniors as it provides health insurance coverage in retirement. According to Statista, 17.2% of all people in the United States were covered by Medicare in 2017. It's important to choose the right plan because it will affect your access to healthcare and your out-of-pocket costs. Here are three tips to help you choose the best Medicare plan for you.

Understand the Different Types of Medicare Plans

When it comes to Medicare, there are four different types of plans to choose from: Original Medicare, Medicare Advantage, Medicare Supplement, and Prescription Drug Plans. Original Medicare is the traditional fee-for-service program that includes hospital coverage (Part A) and medical coverage (Part B). Medicare Advantage plans, also known as Part C, are offered by private insurance companies and provide an alternative way to get your Original Medicare benefits. Medicare Supplement plans, also known as Medigap, are designed to help cover out-of-pocket costs not covered by Original Medicare. Medicare prescription plans, also known as Part D, provide coverage for prescription drugs.

Consider Your Health Needs

When choosing a Medicare plan, it's important to consider your health needs. If you're in good health and don't expect to need many medical services, you may be able to save money by choosing a plan with a lower premium. On the other hand, if you have multiple chronic conditions or expect to need more medical services, a plan with a higher premium but lower out-of-pocket costs may be a better choice. Additionally, if you take a high number of prescription drugs, you'll want to make sure you consider Medicare prescription plans that include coverage for your medications.

Compare All the Costs

One of the most important factors to consider when choosing a Medicare plan is the cost. While a plan with a lower premium may seem like a good choice at first, it's important to also look at the out-of-pocket costs, such as deductibles, co-pays, and co-insurance. Additionally, you'll want to look at the provider network, which is the list of doctors and hospitals that accept the plan. Make sure that your preferred providers are in the plan's network to avoid unexpected costs.

Ready to review your options for Medicare prescription plans? Let's talk about it. Contact ValuCare Insurance Services today to schedule a consultation, and we'll review the best options for your needs and budget.