This looks pretty good....

In 2025, Medicare beneficiaries will pay no more than $2,000 out of pocket for prescription drugs covered under Part D, Medicare’s outpatient drug benefit. This is due to a provision in the Inflation Reduction Act of 2022, which included several changes to the Medicare Part D program designed to lower patient out-of-pocket costs and reduce what Medicare spends on prescription drugs.

Millions of People with Medicare Will Benefit from the New Out-of-Pocket Drug Spending Cap Over Time

fischbobber's picture

Advice?

I'm turning 65 in June, and want to keep medicare and add a supplement. I'm pretty beat up after almost 45 years at physical labor. I'm controlling blood sugar, cholesterol, and hypertension ,with pills, lifestyle and diet and thus far the instructions to live by consist of normal until painful, watch what you eat and walk around more.

How do I narrow down medicare supplement plans? Would buyibng one from my current provider be a good idea ?

bizgrrl's picture

Do your homework. You may be

Do your homework. You may be stuck with the wrong decision for life.

Use the Medicare website to gain information. It is Medicare.gov, nothing else. There are a lot of sites out there trying to appear as a Medicare site.

Make sure you learn the times frames to sign up and do it. If you don't you'll pay more. If you don't sign up for a Medigap plan during the initial 6 month time frame it's possible you won't be able to get one or if you do there could be problems with pre-existing conditions.

I have someone close to me that sells Medicare insurance. This person told us to get Medigap (also known known as Supplemental) if you can afford it. It gets more expensive as you age. Later in life, if the Medigap plan gets too expensive I think you can then chang to an Advantage plan.

Medigap plans are supplements to Original Medicare.

Medicare Advantage plans are usually much less expensive. If you do go with an Advantage plan, select a PPO if possible.

Advantage plans replace Medicare Part A and Part B, and usually Part D (Drug plan). You will not deal with Medicare, only the private insurance company.

It is possible you cannot change your Medigap policy once you have made your choice.

When going with Original Medicare you need Part A, Part B, and Part D. A Medigap plan helps to pay what Medicare doesn't pay.

Here is the Medicare site that helps you find a Medigap plan

Here us the Medicare site that helps you choose a Drug plan or a Medicare "health" (Medicare Advantage) plan. You can't have both, I'm pretty sure. Drug plans are for those using Original Medicare. A Medicare "health" (Medicare Advantage) covers drugs (usually) as well as Parts A and B.

You can't get a Medigap plan if you sign up for Medicare Advantage.

If your employer offers a benefit that helps to pay for a Medigap plan, it would definitely be something to look at. It would be up to you if you use your current insurance company to get Medigap plan. If you like them and they are reputable, som3thing to consider.

A starting point. :)

fischbobber's picture

WOW! Thanks! This helps a lot!

I really appreciate this. Thanks.

Happy's picture

Excellent sources of Medicare info

I've fairly recently gone on Medicare, and been in a position to advise other family members on this, so I feel you on the confusing assortment of info that is out there. Despite its name, this article is very helpful in outlining the different factors to consider - highly recommend reading it in full:

(link...)

Key points: Traditional Medicare is good anywhere in the US that accepts it, which includes the vast majority of doctors and medical centers. Medicare Advantage plans are typically HMOs and are tied to a list of doctors in a geographical area, so people who travel within the US might not be covered or would be billed as 'out of network' if they seek treatment away from their home areas. Traditional Medicare allows you to see any doctor or specialist who takes Medicare, Medicare Advantage plans may require pre-authorization and are more likely to deny care. Traditional Medicare will cost more in premiums, because you have to pay for Part B (hospitalization), Part D (prescriptions) and Medigap plans separately. Medicare Advantage is probably cheaper for younger, healthy people who don’t need much care and may offer extras like dental and vision care. The downside to that is that when you are older and need more care, the for-profit Medicare Advantage plans may deny or restrict care. In theory you can then switch to traditional Medicare, but in practice you may be unable to get a medigap plan that covers pre-existing conditions.

Treehouse's picture

I hear

do not get an Advantage Plan.

fischbobber's picture

I heard advantage plans suck,

I'm just worried about bait and switch now. I'm worried about unscrupulous agents and vulture capitalism. Seems like there's a lot out there.

Treehouse's picture

Tennessee Healthcare Campaign

is a good nonprofit. Maybe they can steer you in a good direction.

jbr's picture

TN Ship

You may want to make an appointment with TN SHIP and let them go thru and compare your options.

The Tennessee State Health Insurance Assistance Program (TN SHIP) offers free and unbiased Medicare counseling to beneficiaries and their families.

Assistance is provided to the general public who calls the Toll-Free Statewide number: 1-877-801-0044. To speak directly with a SHIP Counselor you may call 844-887-7447.

TN SHIP

fischbobber's picture

Thanks.

Is the state's advice going to be in my best interests or some politicians?

jbr's picture

The Tennessee State Health

The Tennessee State Health Insurance Assistance Program (TN SHIP) is a federally funded program that provides free, unbiased counseling and assistance to Tennessee's Medicare-eligible individuals, their families, and caregivers. We do not promote any insurance agency, and we maintain confidentiality with all of our clients. Whether you are new to Medicare or a seasoned beneficiary, our trained counselors can assist you with all of your Medicare questions.

Happy's picture

TN SHIP is very good

I agree, the SHIP folks are very helpful, and do not try to steer you one way or the other. They will help figure out what is the best plan for your specific situation and preferences.

Up Goose Creek's picture

Advice

I was paired with a volunteer by the office on aging, then signed up over the phone to Medicare.

Agents say they will help you but they get a bigger commission steering you to an advantage plan.

bizgrrl's picture

The Office on Aging is a good

The Office on Aging is a good program that helps seniors. I hope that the Tennessee State Health Insurance Assistance Program (TN SHIP) is a good program as well.

fischbobber's picture

Thanks to all.

One would think there would be ample, reliable information on the subject, but the reality is it's simply ample. Thank you guys for taking the time to build reputations and become trustworthy sources. I've been reading and acting upon many of y'alls advice and information for years.

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