Navigating open enrollment season
“Ah, the rituals of fall”: The leaves change color, the temperature drops, and Medicare open-enrollment season starts, said Rachel Sheedy in Kiplinger .com. Medicare beneficiaries have until Dec. 7 to change their health plans and prescription drug coverage for next year, and “even if you’re happy with your current plan, it can pay to shop around.” You might be able to save hundreds or even thousands of dollars by switching plans next year, especially if you need to take different prescription drugs, or if you find better coverage on treatments or specialists. You should have received a document in September outlining any updates to your current costs and coverage. “Pay particular attention to changes to drug formularies, drug tiers, and co-pays that affect drugs you take.” Then head to the Medicare Plan Finder at Medicare.gov “to start shopping.”
“Unlike employer-based insurance, Medicare offers lots of choices—some say too many,” said Stacey Burling in Philly.com. To avoid feeling overwhelmed, ask yourself a few key questions: “How important is it that I keep my current doctors?” Will my prescriptions be covered next year and are the co-pays going up? And how does my plan cover a serious illness? “If you get really sick, deductibles, co-pays, and fees to see out-of-network specialists can add up fast in plans with low premiums.” The government has a star-based rating system that can help you compare the quality of some plans. Another issue to consider is whether you spend lots of time in other parts of the country, at a second home or visiting grandchildren. “If so, you’ll need to know how plans with narrow, local networks would handle your getting sick somewhere else.”
Medicare Advantage plans have grown steadily in popularity, said Sarah O’Brien in CNBC.com. These plans, which “provide coverage from an insurance company and take the place of original Medicare,” now cover some 19 million people, or nearly a third of all Medicare enrollees. Most include prescription drug coverage and extras such as dental and vision plans, but costs and coverage can vary widely. These plans also typically offer fewer choices of doctors and hospitals you can use, and they “will not cover or reimburse medical costs incurred outside of the network.” It can be “difficult for Medicare Advantage enrollees to figure out if they are in a plan with a narrow, medium, or broad network,” said Robert Powell in USAToday.com. If online comparison tools aren’t helpful, seek advice from local coverage brokers or from your local council on aging, which often has Medicare experts. “Whatever you do, don’t wait until the last minute to shop.”