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Should You Change Your Medicare Coverage During Open Enrollment?

Published on Nov. 4th, 2021

The Medicare Open Enrollment Period Begins

Overview

Many of our clients currently rely on Medicare plans for their health care coverage. They may have enrolled in Original Medicare or Medicare Advantage, and likely have prescription drug coverage as well. For those who rely on these plans the fall Medicare Open Enrollment

Period for 2022 Medicare coverage is going on now and lasts until December 7, 2021.

Depending on your circumstances, this may be the only time during the year that you may be able to enroll in or switch to another Medicare Advantage plan or Medicare Part D prescription drug plan or drop your plan and return to Original Medicare.

Below are some of the basics of these plans.  The attached flowchart will help guide you through a number of considerations when evaluating and comparing your Medicare options.  Covered topics include changes in health care needs, cost of premiums and deductibles, Access to specific providers, services and prescription drugs, out-of-state concerns as well as effective dates of any changes.

Original Medicare has 3 Basic Parts

Part A – Inpatient hospital Coverage, skilled nursing care facility care, hospice care, home health care, and some nursing home care (not long-term care)

The is free to all over 65 who have registered.

Part B – Outpatient doctor and other health care provider services, preventative services, ambulance service, durable medical equipment, mental health, very limited outpatient drugs.

Monthly fee for 2021 starts at $148.50 and increases depending on your adjusted gross income.

Part D – Medicare Drug Plan

The cost depends on what prescriptions you are currently taking. The cost includes the premium, yearly deductible, co-payments, and coverage gap payment. There are many companies that offer drug plans, and you need to find the company that will provide your prescriptions at the lowest cost to you.

 

Medicare Supplement or Medigap Policies

A Medigap policy is health insurance sold by private insurance companies to fill the “gaps” in Original Medicare Plan coverage.

 

Medicare Advantage Plan

Medicare Advantage is a type of health insurance plan that provides Medicare benefits through a private sector health insurer.

In a Medicare Advantage plan, a Medicare beneficiary pays a monthly premium to a private insurance company for Part A and Part B. Advantage plans also include prescription drug benefits, Part D. Advantage plans can include additional benefits like eye exams, glasses, hearing aids.

Advantage plans have a limited universe of providers and going outside the program can be costly.

 

There are professionals who can help you choose the right medical coverage for you. They know all the particulars of both original Medicare and Advantage plan. Where you live, who are your current doctors, and what prescriptions you take will determine what advantage plan is right for you.

We at Roosevelt Investments can help you get the help you need to choose the right plan for you!

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