When most people think about Medicare, they assume that one plan is pretty much just like the next. Many are surprised to learn that there are many different plans and that their specific situation makes some plans a better choice than others.

An Example

One of my clients was surprised to learn that she could select a zero-premium MSA plan that allowed her to see any Medicare provider. She would receive an annual deposit of over $3200 into her account to use however she desired with no use it or lose it. She was accustomed to an HSA plan, so this was right up her alley.  

She couldn’t believe that she had never heard of such a plan before. “What’s the catch?” she asked. I explained her higher out-of-pocket risk, but I also showed her how to supplement the MSA plan with a low-cost hospital indemnity plan. 

Like many people, she was inclined to go with what her friends and relatives had chosen. You might like the low out-of-pocket exposure and flexibility of a Medigap Plan N while your close friend in Florida opts for a Medicare Advantage PPO plan. 

Your Unique Situation Determines the Best Plan

For several years, I have worked with a large physician group in middle Georgia. Since many of the doctors are in their 60s, they have been referred to me by their colleagues when retiring. On more than one occasion, I have heard them say, “I’ll just get the same thing Dr._____ got”. 

Well, I’ve had to tell them, “Let’s wait and learn more about your situation before I make a recommendation. You wouldn’t likely recommend the same course of treatment for every patient with a similar condition, would you” They get it. After that, I can ask them questions and help them make an informed decision based on their unique situation.

Someone with ongoing health issues will likely want and need a particular type of Medicare plan. Another person who doesn’t care much about higher out-of-pocket costs in exchange for a lower premium will usually choose a different plan. 

Many newer agents only offer what is easy to understand and sell. This can also occur with agents that don’t focus on Medicare but simply offer it in addition to many other types of insurance. Make sure you ask about all the different types of Medicare plans available in your county since one size does not fit all when it comes to Medicare.

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