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Medicare Quotes 101

Confused about Medicare quotes? You’re not alone. All the names and numbers can blend together and make it hard to make a good choice about Medicare coverage.

Medicare Online

Medicare quotes are obtained from private companies that work with the Centers for Medicare & Medicaid Services to offer health insurance plans that include Medicare Part A and Part B coverage. Often these plans include additional benefits, such as vision, dental, or prescription drug coverage. Medicare plan availability varies by geographic area, so an individual may not be able to find the same plan as a friend or family member in another city or state.

Here are some important terms to know.

Premium

A premium is the monthly cost of an insurance plan. Medicare Part B charges a premium, which individuals must pay even when enrolled in a Medicare Advantage plan. Some Medicare Advantage plans will have additional premiums as well.

Deductible

This is the portion of an individual’s medical costs that must be paid before insurance will pay.

Co-pay/Co-insurance

The portion of each medical claim that the beneficiary pays. Co-pays are typically a set amount for a certain service, like $20 for an annual check-up. Co-insurance is usually a percentage of the cost, like 20% of each bill.

Formulary

A list of prescription drugs covered by a plan. Not all Medicare Advantage plans include prescription drug coverage. When reviewing Medicare quotes, it’s helpful to have a list of your prescription drugs to check against a plan’s formulary.

In-network/Out-of-network

Many Medicare plans work with physicians and hospitals to negotiate prices. Those agreements create a network of healthcare providers for that particular plan. Costs for out-of-network treatment are typically much higher. Creating a list of your providers to review within each plan’s network is good preparation for evaluating Medicare quotes.

Get Help With Medicare Quotes

Our licensed sales agents represent a number of Medicare plan providers. In a no-cost consultation, an agent can assist you in reviewing plans in your area, including checking the network for your physicians and reviewing prescription drugs against formularies. Help is just a call away: 1-800-991-4407 / TTY 711 10 a.m. to 9 p.m. Eastern, Monday to Friday.

Additional Resources

Want to learn more about Medicare? We’re on a mission to make understanding and enrolling in Medicare as easy as possible. All of our resources are available at no cost.