Many people assume that it’s easy to buy a high quality, high-valued health insurance policy. Then, you can assume it provides the type and amount of protection you need.
In reality, that is rarely possible due to the costs of coverage.
It is a good idea to review your Medicare coverage on an annual basis. One of the first things you should do is to analyze the coverage you most likely will need. This helps to ensure you have the insurance you need at the most affordable cost.
What Should You Look at When Comparing Needs?
Look back over the previous year before changing your Medicare or buying a supplemental plan. How much insurance coverage do you need based on how much you spent? Here are a few things to look for specifically:
- How much did you spend annually out of pocket for your medical needs?
- How many claims did you file (or how much did your policy cover) during the course of the year?
- Did you need prescription drug coverage?
- Did you use medical services and testing such as diagnostic tests?
- Did you have any hospital stays during the course of the year?
You can begin to determine what amount of coverage may be necessary going forward. Of course, your health may change or your needs may change during this time. Determine your current medical needs and any type of care you anticipate over the next 12 months.
For example, will you need more advanced medical care in the coming months? Perhaps your spouse will need more care due to a potential diagnosis or screening.
It is always a good idea to talk to your doctor about your health and what the next few years are going to be like. This comes into play especially if you have current with medical concerns.
Estimating your needs for Medicare coverage and health insurance is not easy. It is always best to work closely with an agent who can help you to navigate the many policies available. That way, you can make the best decision for your specific needs. Most people will find it is possible to balance deductibles, other out of pocket costs, and coverage limits.
Give Mitchell & Mitchell Insurance Agency, Inc. a call at (415) 883-2525 and learn more about San Jose Medicare supplements today!