Learn about the different plans within Medicare and how to decide what's right for you
Alec Hoffman from Blue Cross Blue Shield of North Carolina discusses the different plans within Medicare and how eligible individuals can figure out the right plan for them.
the Medicare annual enrollment period is now open, and there's quite a few options to consider. If you have questions, we have answers. Alec Hoffman from Blue Cross Blue Shield of North Carolina joins me. Now. Can you first explain exactly what Medicare is? Yeah, So Medicare is an insurance program provided by the federal government covers people who are 65 older, those who are disabled or who have end stage renal disease. And there are different plans. How do we pick the right one? Sure, so there's really two passed to look at. The first path is known as original Medicare. The second path is Medicare Advantage. Looking at original Medicare, it has two parts Part A, which covers your hospital services, and Part B, which covers your doctor medical services. And then you could also look at getting additional coverage, such as prescription drugs and a Medicare supplement policy, to fill in any gaps that that original Medicare leads up to you. And there's also a second path. That's right. A Medicare advantage that's provided by private insurance companies has all the same benefits as original Medicare, but it does have additional extras things such as prescription drug coverage built into it co pays when you see the doctor and then things such as gym memberships. With all these options, how do we pick the right one? Well, everyone's situation is unique, but some of the main factors to look at or what the total cost of the plan So not just what you pay every month, because many of these plans cost $0 a month. But look at what you're paying copays, doctor visits, things like that. And then also, look at your doctor network. You want to make sure that any plan you select covers the doctors and hospitals that you like to go see and when is enrollment period? So if you're new to Medicare, you have a seven month window around the month that you turn 65 to select a plan. If you're already on Medicare, you have your annual enrollment period. It starts October 15th and runs until December 7th in any selection you make then will take effect the beginning of the following year. Thank you so much, Alec. Alright, happy toe