Get Cheap Medicare Insurance Quotes Online For Free
Medicare is an important federal program meant to make health insurance costs affordable for seniors. As you approach 65 and beyond, knowing the ins-and-outs of Medicare as well as who is eligible, how to enroll and your provider choices is key to finding the right coverage.
When finding a Medicare plan, you can save money by making sure you shopping the market to find
supplemental coverage that helps to cover the costs the Original Medicare (Part A and B) does not
cover.
To qualify for supplemental Medicare coverage, you’ll need to:
- Be a U.S. citizen or permanent resident and be eligible for Medicare .
- Enroll in Medicare Part A and B (including for future date).
- Have an eligible enrollment period.
You can typically choose two ways to get your Medicare coverage:
- The first way is Original Medicare with a Medicare Supplement (also commonly known as ‘Medigap’), which are plans that work alongside your Original Medicare coverage to helps cover the ‘gaps’ (also called ‘out of pocket’ costs) that you would otherwise owe for health services in Original Medicare.
- The second is Medicare Advantage which is a bundled alternative to Original Medicare. When you sign up to a Medicare Advantage plan, you are making the decision to no longer take our Medicare directly from the federal government and instead, taking it from the private insurance plan that you sign up to. To decide what type of supplemental Medicare coverage suits you best. You’ll want to make sure you take into account factors such as: premiums, copays & coinsurances, deductibles, doctor networks, prescription drug costs and your costs in a catastrophic scenario.
Here's How to Find the Right Medicare Plan
Compare Medicare rates, plans and features:
- Decide whether Medicare Supplement or Medicare Advantage makes sense for you
- Shop for a Medicare plan that suits your needs.
- Review pros, cons and Benzinga’s rating.
- Click “Get Started” to see detailed terms based on your personal information.
Speak with an advisor
- Speak with CoverRight, our preferred partner for finding a private Medicare plan.
- Understand exactly when you need to sign up by so start your coverage starts on time.
- Consultations are 100% free and there is never any obligation to enroll.
- Ask questions and get peace of mind that you’re selecting the right plan for your situation.
Complete your enrollment
- Finalize your enrollment by working with your trusted advisor to submit your application.
- Get professional support when submitting your paperwork
- Medicare and/or insurance companies may deny your request if certain details are wrong - this can delay your coverage starting or worse result in coverage gaps or late enrollment penalties
Current Medicare Supplement (Medigap) Plan Rates
Medicare Supplement (Medigap) insurance private insurance coverage that covers the 20% that
Medicare doesn’t covered and is typically considered ‘cadillac’ insurance. Around 15 million people have
a Supplement plan in the U.S. with 66% of consumers buying Plan G, making it the most popular plan
(followed by Plan N which made up 11% of new sales over the last three years).
The Benzinga team of insurance experts analyzed Medicare Supplement rates from 14 private insurance across {10} metropolitan areas. We based our analysis by obtaining quotes for four variables — age,
gender, tobacco status, plan types — for each carrier across.
Medicare Advantage Plans
In 2023, more than 28 million people are enrolled in Medicare Advantage (also known as ‘Part C’ plans),
accounting for nearly half or 48% of the eligible Medicare population and making it by far the most
popular choice.
When you sign up to a Medicare Advantage plan, you are making the decision to no longer take our
Medicare directly from the federal government and instead, taking it from the private insurance plan
that you sign up to.
Medicare Advantage (MA) plans offer benefits that Original Medicare does not, such as an annual limit
on out-of-pocket expenses, plus coverage for dental, vision, and hearing care. In exchange (and unlike
Original Medicare), you generally need to use in-network providers and services.
But since Medicare Advantage plans are administered by commercial insurance companies, costs and
benefits differ, making it essential to shop around. Some important factors include:
- Doctor coverage: whether a plan covers your doctor(s)
- Prescription drug coverage: whether a plan has prescription drug coverage and if that your drugs are included in that plan’s list of ‘covered’ drugs (also called a ‘drug formulary’), and if so at what cost
- Out of pocket costs: In addition to your monthly premium, you should also evaluate the health service you may use and understand the out-of-pocket costs associated with these such as deductibles, copays, coinsurance and maximum out-of-pocket limits
- Additional benefits: many Medicare Advantage plans offer additional benefits for their members that are not covered by Original Medicare such as routine dental, vision and over-to- counter allowances. Make sure you review these benefits to find a plan that suits your needs.
Selecting the wrong Medicare Advantage plan can cost you hundreds if not thousands of dollars and
unlike other insurance you might have such as Home and Auto, you are typically not able to freely
switch plans during the year.
Use this table to gauge how top Medicare Advantage Plan carriers measure against each other.
Frequently Asked Questions
Choosing the right Medicare plan can be a daunting task, but understanding key considerations and
having access to helpful information can make the process easier.
Here are some commonly asked
questions and answers to help you navigate the process of finding the Medicare plan that suits your
needs.
When can I enroll in Medicare?
Most people can first enroll in Medicare (Part A & B) during your Initial Enrollment Period which is the 7-month period that includes: the 3 months before the month you turn 65, the month you turn 65, and three months after the month you turn 65. There are also other enrollment periods available if you fall under a special situation, called Special Enrollment Periods.
What factors should I consider when choosing a Medicare plan?
When selecting a Medicare plan, consider factors such as your healthcare needs, the coverage and benefits offered, the network of doctors and healthcare providers, the total costs, and any additional benefits provided by the plan.
What is the difference between Original Medicare and Medicare Advantage?
Original Medicare (Part A and Part B) is provided by the government and offers coverage for hospital stays, doctor visits, and certain medical services. Medicare Advantage (Part C) is an alternative offered by private insurance companies, combining Parts A and B with additional benefits. We cover this in more detail in this article.
How do I know if a Medicare plan covers my medications?
To check if a Medicare plan covers your medications, review the plan’s formulary (list of covered drugs), check for specific medications and any restrictions or requirements, and consider the plan’s cost-sharing requirements for medications. Review our guide to choosing a Part D plan.
Can I switch Medicare plans if my healthcare needs change?
Yes, you can typically switch Medicare plans during certain enrollment periods, such as the Annual Enrollment Period (October 15th to December 7th) and the Medicare Advantage Open Enrollment Period (January 1st to March 31st). There are also special enrollment periods for specific circumstances.
How can I get help with choosing a Medicare plan?
You can seek assistance by speaking with a licensed insurance agent specializing in Medicare such as our trusted partner CoverRight, utilizing Medicare’s official website, or contacting your State Health Insurance Assistance Program (SHIP) for free counseling and assistance.
