It is natural to notice the monthly premium first when comparing Medicare coverage. After all, it is an amount you can see and budget for. But the premium is only one piece of your potential health care costs.
A plan with a lower premium may have higher costs when you receive care. A plan with a higher premium may offer a different balance of costs and benefits.
What other costs should you review?
Deductible
A deductible is the amount you pay for certain covered services before your plan begins paying its share.
Copayment
A copayment is a set amount you pay for a covered service, such as a doctor visit or prescription, when applicable.
Coinsurance
Coinsurance is a percentage of the cost of a covered service that you pay after any applicable deductible.
Prescription costs
Medication costs can vary depending on the plan, pharmacy, dosage, and the plan’s rules. Make sure to review your own prescriptions rather than relying on a general estimate.
Out-of-pocket limits
Medicare Advantage plans have an annual out-of-pocket limit for covered Part A and Part B services. This limit does not include every expense, such as premiums or Part D drug costs.
Original Medicare does not have the same type of annual out-of-pocket limit for Part A and Part B services, though a Medicare Supplement policy can help with certain costs.
Think about how you use your coverage
If you see specialists regularly, take several medications, or expect a procedure, those costs may matter as much as—or more than—the monthly premium.
A good comparison looks at the whole picture. Contact our office at (210) 744-0553 for help reviewing costs alongside your doctors, prescriptions, and coverage needs.