Medicare Quotes:
Understanding
Medicare Costs &
Options
Choosing a Medicare plan is a big decision. Your healthcare coverage is a vital element of your lifestyle, so it’s important to be prepared when requesting and evaluating Medicare quotes.
Medicare Advantage Plans are Geographically Specific
Medicare Part C plans (Medicare Advantage) are specific to your zip code and county. If you request a quote for plan that is not filtered to your area, you may not receive an accurate quote. Because plans are location-specific, you may not be able to get the same plan as a friend of family member that lives in a different area.
Know What You Want
The suitability of a Medicare Advantage plan is entirely based on your healthcare needs, financial situation and lifestyle preferences. Before requesting quotes, it’s beneficial to spend some time deciding what you are looking for in a plan. You may even want to take notes of:
- Your physicians
- Your prescriptions
- The medical services or equipment you use most
- Lifestyle factors, including fitness coverage, need for medical transportation, or frequent traveling
Knowing what you are looking for in a plan prior to requesting quotes will help you effectively evaluate the quotes.
Understand the Costs
When taking Medicare plans into account, it’s important to understand what you will be paying and why. Medicare plan costs fall into four major categories, including:
- Premium: The monthly cost of your plan, starting at $0.
- Deductible: The portion of your medical costs you will pay before insurance.
- Co-pay/Co-insurance: The portion of each medical claim you pay. Typically, this is a set amount, such as $20 per service or 20% per bill.
- Formulary: A cost breakdown of all prescription drugs covered under a plan.
Keep in mind that you will continue to pay your Part B premiums, regardless of enrollment in a Medicare Advantage, Medicare Supplement, or Prescription Drug plan.
Evaluate Each Quote
A quote for one Medicare plan doesn’t tell you much about your options. While you can check the plan against your priorities or needs, you won’t know whether other plans might offer lower costs or additional benefits. If you only receive one or two quotes, you are missing the opportunity to evaluate plans from other providers who offer plans in your area.
When you have obtained a good number of quotes to compare, consider the following questions when narrowing down your options:
- Does this plan have coverage for the services that are most important to me?
- What will my costs be under this plan?
- Are my healthcare providers included in this plan’s network?
- What are the costs of my prescription drugs under this plan?
- Does this plan offer additional benefits?
Why Get a Quote if You Already Have Original Medicare (Parts A and B)?
Original Medicare (Parts A and B) is relatively standard for all beneficiaries, with perhaps some slight differences in premium costs depending on your income and other factors. Private insurance companies are required to conduct a needs assessment prior to providing you with Medicare quotes, specifically Medicare Advantage or Part D Prescription Drug plans, so you can compare them and choose the best fit for you. You may wish to obtain new quotes so that you can:
Gain new benefits: Medicare Advantage plans can offer a range of benefits, with broad categories like dental, vision, hearing and fitness. Specific benefits can include things like transportation to and from doctor visits, membership in local senior centers, meal delivery, or over-the-counter benefits. Each Medicare Advantage plan offers different benefits, so reviewing quotes to compare benefits can help you find a plan that best matches your needs.
Find better costs: Every plan has different costs, and those costs can change from year to year. Some Medicare Advantage plans have low or $0 premiums, $0 deductibles and $0 copays. Requesting and evaluating Medicare quotes helps you determine if there is a plan that is a better fit for your finances.
Get prescription drug coverage: If you only have Original Medicare (Parts A and B), you will want to review Medicare quotes for standalone Prescription Drug or Medicare Advantage plans that include prescription drug coverage. That way, you can avoid penalties for not having it. Each plan has a different formulary, which is a list of covered drugs and prices. It’s important to compare multiple quotes to effectively choose one that covers your prescriptions at a price you can afford.
Consolidate and simplify: If you’re enrolled in Medicare parts A, B, and D, you may want to review quotes for a Medicare Advantage plan to consolidate your coverage and possibly offer additional benefits as well. Instead of receiving bills and paperwork for multiple plans, you can simplify your plan. You might be pleasantly surprised and find that you get more care and services for a lower cost in one convenient plan.
Where Do You Get Medicare Quotes?
When you are looking for Medicare quotes, it’s helpful to find a source that offers quotes from more than a single carrier. That way, you know you’re getting the best plan out of all options available to you. easyMed Insurance Services has access to plans from most major carriers and two easy ways for you to get Medicare quotes.
- Online Medicare quotes: Quickly search for Medicare Advantage plans using our Online Enrollment Portal. Enter your zip code to compare plans in your area.
- Call a licensed insurance agent: Speak with a licensed insurance agent for a no-cost consultation where they can assist you in finding a great plan that includes the benefits and coverage that are most important to you.
Enrollment Eligibility
Annual Enrollment Period (AEP)
Medicare Annual Enrollment Period runs each year from October 15 to December 7. What is the Annual Enrollment Period vs. Open Enrollment Period?
Initial Enrollment Period (IEP)
Your Initial Enrollment Period generally surrounds your 65th birthday but may occur if you otherwise become eligible for Medicare for the first time.
Special Enrollment Period (SEP)
You may be eligible if you experience a qualifying life event such as moving to a new zip code, losing employer coverage, or change in Medicaid status.
Further Reading:
e-TeleQuote Insurance Inc. (“e-TeleQuote”) does business as easyMed Insurance Services in all states other than New Mexico. e-TeleQuote is a duly licensed insurance agency appointed by Medicare Advantage HMO, PPO and PFFS plans and stand-alone prescription drug plans and insurance companies holding Medicare contracts approved by The Centers for Medicare & Medicaid Services (CMS). e-TeleQuote is not connected with or endorsed by the U.S. Government or the Federal Medicare Program. Enrollment in any plan for coverage is subject to insurance company approval. Enrollment in the plan depends on the plan’s contract renewal with Medicare. By using e-TeleQuote’s easyMedicare website, you understand and agree that in New Mexico, we operate as e-TeleQuote Insurance, Inc. (Your IP address and/or location coordinates may be gathered to verify your location.) Sales agents may be compensated based on your enrollment in a health plan. Medicare Supplement plans are not connected with or endorsed by the U.S. Government or the Federal Medicare program. e-TeleQuote complies with applicable Federal civil rights laws and does not discriminate on the basis of race, color, national origin, age, disability, sex, sexual orientation, gender identity, or religion. easyMedicare.com is a non-government site, powered by e-TeleQuote Insurance, Inc. e-TeleQuote provides a secure way to purchase Medicare insurance from the comfort of your home or workplace. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-Medicare (TTY users should call 1-877-486-2048) 24 hours day/7 days a week, or your local State Health Insurance Program (SHIP), to get information on all of your options. Not all plans offer all of these benefits. Benefits may vary by carrier and location. Limitations and exclusions may apply. To send a complaint to Medicare, call 1-800-MEDICARE (TTY users should call 1- 877-486-2048), 24 hours a day/7 days a week). If your complaint involves a broker or agent, be sure to include the name of the person when filing your grievance.
Last Updated: September 30, 2024
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