Medicare Shopping Tips: Why, When and How to Look For Coverage

By Debby Erickson and Albert Reed, Published October 16, 2021

We understand how intimidating shopping for a Medicare plan can be. It is a different form of coverage that follows its own rules, and choosing a plan often comes at a challenging time when people transition to retirement. At UCare, we provide Medicare shoppers with educational resources and expert advice to help each person get the most out of this valuable benefit

For people used to employer-provided insurance coverage, the idea of shopping for Medicare, with its unique, complex rules, can be overwhelming, especially coming alongside retirement.

Many employer insurance providers reach out to their members nearing age 65 or retirement, offering their Medicare plans. The easy choice would be to stay with the same company, but easy isn't always the best coverage for your needs.

There is no reason to follow the “path of least resistance.” Working with specialists like us, you’ll find that by focusing on the parts you need and starting with your personal situation, Medicare becomes de-complicated.

Let’s start with an understanding of the parts of Medicare:

• Original Medicare: The federal health insurance program consisting of hospital (Part A) and medical (Part B) coverage which is designed to cover about 80% of medical costs, leaving you with the remaining 20% of the cost with no out-of-pocket maximum.
• Medicare Part C: This is Medicare Advantage coverage, selected through a private insurer. With Part C, insurance works more like traditional coverage, with premiums, copays, annual out-of-pocket maximums, a provider network and different coverage levels.
• Medicare Part D: This program offers prescription drug coverage, which can be purchased as a stand-alone plan, or in a Part C Advantage plan.

Medicare Part A and Part B alone may exclude coverages you may be used to such as dental, vision and hearing benefits, prescription drug coverage and more. For many people, Part C — Medicare Advantage — makes the most sense. In addition to more robust coverage, all interactions flow through the Medicare Advantage provider, making it one-stop coverage.

Here are the steps people need to take as they shop for Medicare plus our suggestions:

• Start exploring Medicare options early — age 63 is a good rule of thumb. Reach out to experts, but also friends who have Medicare.
• You are eligible to enroll for Medicare Part A and Part B up to 3 months prior to your 65th birthday by contacting the Social Security Administration.
• Want to add or change coverage? Every year during the Annual Election Period, you have the opportunity to reevaluate current coverage. Changes can be made between Oct. 15 — Dec. 7, with new plans effective Jan. 1 the following year.
• Moving to a new state? Getting ready to retire past age 65? These changes can happen any time of year and give you additional opportunities to enroll in or change a current plan.

Your age, care needs, work situation, and current coverage are all pieces of the puzzle. You may work past 65 or have a younger spouse with coverage. Perhaps you have an HSA — contributions must end when Medicare begins, so you need to factor that in.

Assuming Medicare Advantage is a good fit, choosing the right carrier will involve matching your coverage needs, budget and providers.

Anyone can benefit from a conversation with people like us who specialize in matching you with the right plan for your current needs. We promise to listen to your needs, then offer clear explanations and manageable choices to help you get the most out of Medicare.

Learn about UCare Medicare Plans