Tips for choosing the right Medicare plan for 2024

ATLANTA - If you are turning 65 and new to Medicare or want to change your coverage, you have until Dec. 7 to pick a plan for 2024.

And Josh Fraum, Chief Medicare Officer for Aetna Georgia Gulf States, a CVS Company, says you probably have a lot of information coming at you right now.

"People are overwhelmed with all of the different Medicare choices that are flooding their mailboxes. They see on TV. They hear on the radio. I think the number one mistake I see is that, since selecting a Medicare plan is so confusing, people get overwhelmed.

There are basically 3 types of Medicare plans.

Original Medicare, which federally run health insurance, covers Part A, or in-patient hospital and skilled nursing care, and Part B, or doctor's office visits.

It does not include prescription coverage (known as Part D) and does not have a cap on out-of-pocket expenses.

Monthly premiums for original Medicare for 2024 will average about $175, which is automatically deducted from Social Security payments.

If you go with Original Medicare, you can also purchase additional or supplemental coverage to fill in the gaps in your coverage.

Part D, or prescription coverage, will cover pharmacy medications, and Medigap coverage will help cover co-pays and additional cost sharing not covered by your plan.

Your third option is a Medicare Advantage plan, or Part C plan, which is a private coverage plan which typically covers everything original Medicare covers plus other benefits.

"Medicare Advantage is an all-in-one plan that covers Part A hospital, Part B medical and generally Part D pharmacy, all in the same plan with additional extra benefits like dental, like vision, like hearing for no additional cost," Fraum says.

Depending on your plan and level of coverage, Medicare Advantage monthly premiums can range from $0 up to $200 a month.

At www.medicare.gov, you can compare Medicare plans, benefits and costs.  

You can also call 1-800-MEDICARE (1-800-633-4227). 

TTY users can call 1-877-486-2048.

Fraum recommends beginning your research early, so you have time to really look at your options before the December 7 deadline.

"So, starting right now, understand what your health care needs are, not other people's, what are your health care needs?"

And, Fraum says, think about your priorities as you compare plans.

"How many times a year do I see my primary care provider," Fraum recommends asking yourself. "How many medications do I take? Do I see a specialist? Do I have other needs?' Comparing those plans, especially on Medicare.gov or with a local licensed agent or broker is really helpful."