Take into account the “four Cs”: coverage, cost, convenience, and customer service.
Coverage
Look for plans that include a cap on out-of-pocket costs. Consider the additional value of plans that provide preventative treatments in addition to dental or optical coverage.
Before choosing a plan, ask for a list of approved medications and double-check that your prescriptions are covered.
Some plans also provide coverage in the Medicare Part D coverage gap, colloquially known as the “donut hole.” This means you won’t have to pay any extra out-of-pocket expenses for your prescriptions after you and your drug plan have hit the yearly maximum for your covered medicines.
Cost
Determine the best balance of out-of-pocket expenses and premiums for you. Keep a careful eye on the prices of both brand-name and generic medications.
Learn the following cost-related terminology:
• Monthly premium: The monthly amount you pay to cover the cost of your plan membership.
• Deductible: The amount you must spend for healthcare before the plan kicks in.
• Copayment (copay): The fee you pay for each medical treatment, such as a doctor’s visit.
• Coinsurance: The proportion of a service fee that you may be required to pay after you have met your plan’s deductible.
Convinience
Choose a health plan with a network of physicians and pharmacies that you are familiar with.
Customer service
You want to know that your insurance provider will be there for you if you need it. Look for independent evaluations and discuss your choices with friends and family to discover a health plan that provides great customer service.
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