Happy Medicare Open Enrollment!
This week begins the now annual tradition of health insurance shoppers eligible for Medicare to compare and enroll in a Medicare plan that is right for them. Medicare is a government funded health insurance program covering those 65 years and older who have worked and payed Medicare taxes for at least 10 years, as well as those with disabilities such as End-Stage Renal Disease (ESRD) or Lou Gehrig’s Disease (ALS). Although most of those eligible are automatically enrolled in Medicare Part A (Hospital Insurance) and Part B (Medical Insurance), Medicare Open Enrollment provides a unique opportunity for this population to increase their coverage for prescription drugs and other health care services not covered by Part A and B.
Here are 5 things to remember as we enter Medicare Open Enrollment:
- Medicare Open Enrollment starts Oct 15th and ends December 7th ; During this period, you can change your plan or health insurance company as well as add or drop part D prescription drug coverage. Your coverage will become effective on January 1.
- Consider Medicare Advantage: Although Medicare covers many essential health care needs, Medicare Advantage often fills in gaps ‘original’ Medicare doesn’t cover, like prescription drugs, and some hospitalization, outpatient care, or even vision and dental costs. Because the premiums and costs vary for each Medicare Advantage plan, it is important that you compare all plan offerings in your area before enrolling.
- It’s smart to shop: Since health plans change year over year, it’s a good idea to review your Medicare plan during open enrollment. If your plan is changing, re-evaluate whether your current health plan continues to cover the network of doctors you will have access to and provides the highest value based on your needs. In fact, switching plans often saves shoppers money!
- Remember to consider the 3 P’s- Provider, Prescriptions and (Out of Pocket) Pay: Remember if you are shopping for the first time or renewing a plan, it is important to ensure that your drugs and doctors are in the plans network and covered. When it comes to cost, don’t just look into the premium you pay each month, make sure you are comfortable with the deductible and other out-of-pocket costs you are likely to incur throughout the year.
- Know where you can get help: Shopping for health insurance is getting easier and easier thanks to technology. Online decision making tools can help you compare benefits and costs of plans and easily enroll in them, like Medicare.Gov. For reliable and expert assistance, turn to a licensed health insurance broker in your area to give you customized help on your coverage options.
Shopping for Medicare – especially for the first time – can be overwhelming. By knowing where to get help and how to use simple plan comparison tools, you will be more prepared to shop for a plan that fits your needs and budget.
You can determine if you are eligible for Medicare here. Happy shopping!
The digital revolution is here, bringing products and services directly to the consumer at the click of a button. Despite the regulatory headache and industry fragmentation, the health insurance industry is catching on to this innovation. The Affordable Care Act ushered in a time of technological change in the industry. HealthCare.Gov, state exchanges, and digital health software boomed to meet the pent up demand for simplifying health insurance shopping. But, with the technological aide for health insurance decision making, those who previously acted as the intermediaries are left feeling the growing pains. In health insurance, these are brokers: the front-line access point for understanding, purchasing, and utilizing health insurance. Does all of the insurance tech out there originally designed to streamline the industry actually signal an end of the broker business?