Medicare Open Enrollment, the annual period in which you can change your Medicare coverage, is in full swing, and we’ve seen a recent influx in interest revolving around the topic. So do you know what to keep an eye out for during Open Enrollment?
First, let’s run through some terms and nail down the details of the different plans:
Original Medicare- Includes Part A (hospital insurance) and Part B (medical insurance), and you can join a separate Part D (prescription coverage) plan. With Medicare, you are able to visit any doctor that accepts Medicare, and typically will not need a referral to see a specialist. You will pay a monthly premium for Part B, and after you meet your deductible you will usually pay 20% of the Medicare-approved amount for Part B covered services. There is also no yearly limit on what you pay out-of-pocket, and you are able to purchase supplemental coverage.
Medicare Advantage Plan (MAP)- Also known as Part C, Medicare Advantage includes Part A, Part B, and most plans cover Part D. Some plans also include vision and dental benefits, which could possibly be a huge consideration when choosing your plan! Medicare Advantage Plans include:
- Health Maintenance Organizations
- Preferred Provider Organization
- Private fee-for-service plan
- Special needs plans
- Medicare medical savings account plan
Open Enrollment, Here’s What You Can Do
Between the dates of October 15-December 7, you can:- Switch from Original Medicare to Medicare Advantage
- Switch from a Medicare Advantage Plan to Original Medicare
- Change from one Medicare Advantage Plan to another. Remember, there are many plans and you should shop around to find what is best for your health needs! While you may have been pleased with your current plan, costs vary each year and different benefits and prescriptions are added and dropped. It’s important to have a good idea of what health services and prescriptions you will need in the coming year to find the most beneficial plan.
- Sign up for a Part D plan
- Cancel a Part D plan
- Switch from one Part D plan to another Part D plan
Here’s What You Can’t Do
- You are not able to enroll in Part A and or Part B for the first General Enrollment Period for either plan is from January 1-March 31.