Expert shares tips on choosing Medicare health, drug coverage for 2023

ATLANTA - Americans 65 and older have until December 7, 2022 to sign up for, drop, or change their Medicare health and drug coverage.

Liz George, the Executive Director for Aetna's Georgia/Gulf States region, says there are numerous options to sort through for 2023.

"I encourage everyone to go to Medicare.gov, put in your zip code, see what's out there," George says.

You can compare Medicare health and drug plans at medicare.gov/plan-compare.

George says you want to choose a plan that best covers your medical needs: the doctors you want to see, the medications you take, the services you are most likely to use.

"Let's say that you go to physical therapy three to four times a week," George says. "It might be important to you to know what that max out-of-pocket is or what your co-pays are."

There are two types of Medicare plans, Original Medicare and Medicare Advantage plans.

Original Medicare includes a Part A plan, which covers your hospital, and inpatient care and a Part B plan, which covers doctor visits, outpatient care.

Original Medicare does not cover your prescription medication costs.

For that, you will need a Medicare Part D plan.

George says there are also supplemental -- or Medigap -- plans, that cover gaps in your coverage.

"You might want to consider a Medicare supplement, and pay a premium monthly," she says. "Then, when you go for those services, you don't pay out-of-pocket."

This year, close to half of all Medicare beneficiaries were in a Medicare Advantage plan, the second type of coverage.

Sold by private insurance companies, Medicare Advantage plans are HMO or PPO plans approved by Medicare.

A Medicare Advantage plan is a combination of Part A and Part B and may also include a Part D, or a prescription drug coverage, plan.

There is a lot to sort through.

So, George says, make a list of your three top health coverage priorities, then sit down with an independent insurance broker, who can help you compare plans.

"You can see that they're checking your doctors, checking your prescriptions," she says. "And if it's not the right plan for you, they can change the plan for you because they sell all plans."