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What You Need to Know Before Requesting Medicare Quotes

medicare-quotes-need-to-know

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. Here are a few facts to help you request and evaluate Medicare quotes.

Your plan options are geographically specific

Medicare plans are specific to your zip code and county. If the quote you request isn’t filtered to your area, you may not receive an accurate quote. That also means you may not be able to get the same plan as a friend or family member in a different area.

Know what you’re looking for in a plan

The suitability of a Medicare plan is entirely based on you—your healthcare needs, your financial situation, and your lifestyle preferences. Before requesting quotes, it’s useful to spend some time deciding what you’re looking for in a plan. You may even want to make a few lists. We recommend listing:

  • The medical services or equipment you use most
  • Your prescriptions
  • Your physicians
  • Lifestyle factors, such as fitness, the need for transportation, or frequent traveling

By thinking about these factors before requesting Medicare quotes, you’re setting yourself up to more effectively evaluate the quotes you receive.

Understand the costs

Medicare plan costs fall into four major categories:

Premium: the monthly cost of an insurance plan, starting at $0.

Deductible: the portion of your medical costs you’ll pay before insurance pays.

Co-pay/Co-insurance: the portion of each medical claim that you pay. Typically a set amount, such as $20 for this service, or a percentage, like 20% of each bill.

Formulary: a list of prescription drugs covered under the plan, with prices.

Keep in mind that all Medicare beneficiaries continue to pay their Part B premiums, regardless of enrollment in Medicare Advantage, Supplement, or Prescription Drug Plans.

Evaluate each quote in context

A quote for one Medicare plan doesn’t tell you very much about your options. While you can check the plan against your priorities and needs, you won’t know if other plans might offer lower costs or additional benefits. If you only receive quotes from one insurance provider, you’re missing the opportunity to evaluate plans from other providers who offer plans in your area.

Receiving quotes from the Medicare Online Enrollment Portal or our Medicare Advocates, for example, allows you to compare plans from a number of carriers in your area for a more comprehensive look at all your options. To easily receive your Medicare quotes, call 1-800-991-4407 / TTY 711 from 10 a.m. to 9 p.m. ET, Monday through Friday.