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Understanding your Medicare plan options

Medicare is complex and ever-changing. Having the right Medicare plan for your individual needs is an important piece of your retirement and longevity plan. We can help.

Medicare basics

Medicare includes Part A hospital insurance and Part B medical insurance. There are two paths for filling the gaps Part A and Part B don’t cover and getting the Medicare coverage you need.

  • Part A + Part B + Part D + Medigap
  • Part A + Part B + Medicare Advantage (many Medicare Advantage plans include Part D coverage)

You have the option to add Part D prescription drug coverage and Medigap or Medicare Advantage. You are eligible for your initial enrollment in Medicare when you turn 65 and can make changes to your plan every year in the fall during open enrollment.

What isn’t covered by Medicare?

Medicare Parts A and B do not cover hearing, vision, dental, mental health, coverage abroad or long-term care needs. Hearing aids can range from $900 to $6,000, and it is estimated that a couple will spend more than $18,000 in dental services without the proper coverage. The costs add up. Traditional Medicare will not cover you if you are traveling outside the United States, and caregiving services like bathing and dressing are not covered.

The path to additional coverage and ensuring you are not financially liable for extra healthcare costs in retirement is a highly personal decision. Once enrolled, you should review your plan yearly to make sure there haven’t been any changes to your coverage. Working with a Medicare agent can help you determine the best route for your individualized needs.

A trusted resource

HealthPlanOne is a vetted resource to help you learn more about, get enrolled in or make changes to your Medicare plan. HealthPlanOne agents will walk you through your medical situation and preferred doctors and hospitals and help determine your supplemental plan options. They can also write the policy for you if you choose to move forward. Please reach out to our team, and we will set up a call with one of HealthPlanOne’s top agents.

Additional Articles

Where Medicare Falls Short | Raymond James Commentary & Insights

Making the Most of Medicare's Open Enrollment Period | Raymond James Commentary & Insights

Mitigating the Medicare Surtax | Raymond James Commentary & Insights

Is it Time for a Change of Plan? | Raymond James Commentary & Insights