There are many different Medicare options: Medicare Advantage, Original Medicare, Medigap policies, etc. While this is a good thing because it allows people to choose the best option for them, it can also make picking the right plan even more confusing. Fortunately, there are multiple tools to help you compare Medicare plans. Take a look at our guide below to figure out how to best compare plans.
What You Need to Compare
Because there are so many parts to Medicare, it can be difficult to figure out where to begin. First, you need to figure out what to compare. Parts A and B are standard policies offered by the federal government, so there is no need to compare those plans.
The first plans you need to compare are Part C plans. Part C, otherwise known as Medicare Advantage, is offered by private insurers. You should compare different insurance companies and plans in your area. These plans offer very different benefits at diverse price points, so be sure to compare Medicare Advantage plans.
The second types of plan that you need to compare are Part D plans. Plan D is prescription drug coverage plans offered by private insurers. Part D plans also depend on your area.
Lastly, you need to compare Medigap policies. Medigap policies, also called Medicare Supplement plans, are plans offered by private insurers to help offset out-of-pocket expenses associated with Medicare Parts A and B. These plans are based on standardized templates but still with different prices depending on your area and the plan.
Let us look at which resources are best to compare plans.
1. Use the Medicare Website
The Medicare website is a treasure trove of information and helpful tools. They have multiple methods of comparison. You can compare all different types of plans. For example, you can search for Medicare Advantage plans in your area, Part D plans, or Medigap policies. These are based on your location and different factors depending on the plan. The highly individualized tools on the website can help you narrow down exactly which plans are right for you.
2. Use an Agent
You also have the option of using an agent. An agent can help you look at the big picture and decide which parts of Medicare you even need. They can then help you narrow down and select the exact right plans for you. Agents have the experience and knowledge of the field to help you make the best choices.
3. Third-Party Resources
There are many additional resources to help you. These third-party resources include specific insurance company websites or magazines like AARP aimed at seniors.