This is the last post in my series about Medicare Advantageplans.

You’ve looked at Part D coverage; you’ve looked at all thedifferent co-pay options, you’ve decided between PPO or an HMO type plan, andyou think you’re ready to enroll. I have one last question for you. How muchare you paying extra in premium a month?

As I’ve said before, Medicare Advantage plans come from $0extra per month in premium up to over $200/month extra in premium. So it’s timeto do the math one more time.

Say you’re looking at a $100/month premium plan. That meansthat you will pay an additional $1,200 over the year. Are the co-pays that muchcheaper? Are you planning a hospital or SNF stay (or is one very likely,regardless of your plan)? How much extra are you getting out of that $1,200?

It seems nice, I know. Your co-pays are $20 less, but areyou going to see the doctor 60 times in the year (that’s roughly 5times/month)? If you are, go for it, but if you only see the MD 3 times amonth, you’re spending more money than you need to.

When you choose insurance at your work, you often have verylimited options. Choosing your Medicare or Medicare Advantage plan is theprobably the time in your life that you will have the most viable optionsavailable to you regarding health insurance. It is time to be honest withyourself about two of the hardest things to be honest about- your health andyour finances.

Don’t choose the cheaper plan and then neglect your healthbecause each visit to the MD is more expensive. At the same time, don’t pay forcoverage you aren’t going to use. Every year you get the option to changeplans. So think about it. If you’re having surgery this year, it might be bestto pay for the more expensive plan, because it will save you that and more, butif surgery is in your future, but 2 years away, go for the less expensive plan.You can always upgrade next year. (And stay with the same network. I have yetto see an company that offers a $0 premium plan that doesn’t also offer a moreexpensive plan.)

If we had decided to hold off on the MIL’s surgery untilnext year, we’d be enrolling her in a plan that has an additional $115/monthpremium. But because the surgery happened this year, she’ll be on the $18/monthextra premium plan instead. We’ve done the math. Without a hospital and SNFstay, it will be less expensive for her in the long run to pay more when shegoes to the MD, not more every month.

Choosing Medicare or Medicare Advantage can be a confusingprocess. Make sure you look at a number of the plans offered in your area andcompare them. Check the provider lists and make sure your MDs (or at least MDsin your area) are on it. Do the math where you can, and finally, do not beafraid of asking questions. Call up the insurance plans and hit them with thehardest questions you can come up with. You have almost two full months to makethe decision. Don’t rush it.