Comparing Medicare Plan Costs

Comparing the price of a Medicare plan of any type is an important step in making your health care decision. Smart shopping will ensure you get the health care you need at the best price available.

Plan Finder

• One of the quickest ways to compare Medicare plan costs is to use Medicare's official plan finder tool. The tool is located on its website. You enter information about your health status and location, and the tool provides you with a list of plans available in your area and estimated costs. You will also have the option to compare the plans side-by-side.

Ask the Right Questions

• Find out how much the monthly premium, annual deductible and co-payments will amount to. Make sure everything you need is covered (drugs and services) and there are no major restrictions such as prior authorization or quantity limits. These restrictions may end up costing you money in the end.

Considerations

• With Medicare Advantage or drug plans, you will either be paying for your services before you use them or as you use them. So if you don't go to the doctor's office much or use many prescriptions, then a plan with a low monthly premium and high co-payments and deductibles may be more cost-effective. Someone who goes to the doctor frequently or has many prescriptions may find a high monthly premium plan with low co-payments and deductible a better deal.