Look Before You Leap: Choosing the Right Medicare Plan
Look Before You Leap: Choosing the Right Medicare Plan
Summer is here, and if you’re 65 or older and love to travel, now is the time to make sure your Medicare plan still fits your lifestyle. With Medicare Open Enrollment coming this fall, you’ll have the chance to switch plans if needed.
Many people choose a Medicare Advantage Plan, which helps manage both health care and costs. The two main types—HMO (Health Maintenance Organization) and PPO (Preferred Provider Organization)—offer very different benefits.
An HMO requires you to pick a Primary Care Provider (PCP) who coordinates your care. Referrals are needed for specialists, and services outside your provider network (unless it’s an emergency) are not covered. HMOs often have lower premiums and out-of-pocket costs. They’re best for those who stay close to home and want coordinated, affordable care.
A PPO, on the other hand, lets you see any doctor—no referrals required—even outside the network. This flexibility comes at a higher cost. PPOs are ideal for seniors who travel, live in multiple states, or want freedom in choosing their healthcare providers.
Quick Take:
- HMO: Lower cost, less flexibility, best for local care.
- PPO: Higher cost, more flexibility, ideal for travelers.
Bottom Line: Consider your health needs, budget, and travel habits before making a Medicare choice this fall. Look before you leap.
Bye for now,
Brenda “Bren” Sheriff, Certified Senior Advisor (CSA)
QUIZ: What is the annual open enrollment date for Medicare in 2025?
Answer to last week’s quiz: Yes, term life insurance is a wise buy for families that have a mortgage. It provides a higher lump settlement should the insured die for a lower premium than a whole life policy. CAUTION: DO NOT use the lump settlement to pay off the mortgage, use it to pay on the mortgage and meet other expenses until a new life plan for the family can be put into place. .
To get a more detailed answer to last week’s QUIZ question or for any financial questions that you may have, please contact me: 773-817-0601 or basheriff1@gmail.com
Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.
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