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Tips for the 2015 Medicare Annual Enrollment Period
Guest Column
If you’re 65 or older, you
probably know that the Medicare Annual Enrollment Period
runs October 15 through December 7. Generally, this is the
only time you can make changes to your coverage.
According to Herb Fritch,
president of Cigna-HealthSpring, a leading health service
company and Medicare insurance provider, here are some
things to consider:
• Determine priorities.
Make a list of priorities -- such as lowering out-of-pocket
costs -- and use it to compare plans.
• Understand the different
parts. Part A refers to hospital insurance. The amount of
the deductible depends on the length of the hospital stay.
Part B refers to basic
medical insurance for doctor visits and other health care
services. Medicare pays 80 percent of approved charges while
you pay 20 percent in addition to a monthly Part B premium
and annual deductible which will vary based on your income.
Supplemental plans like Medigap and Medicare Advantage can
help cover the 20 percent gap and most offer extra benefits.
Part C refers to plans
operated by private companies that combine Part A and B
benefits. Most include Part D prescription drug coverage,
offer no or low monthly premiums, and extras like vision,
dental and gym membership benefits.
Part D refers to
Prescription Drug Plans offering at least a standard level
of coverage set by Medicare; some are available as
stand-alone plans.
• Do your research.
Benefits differ from company-to-company and even
state-to-state, so do your research. Look beyond premium
cost to ensure there aren’t hidden copays or fees that will
end up costing you more. Pay close attention to medication
quantity limits and make sure your plan offers adequate drug
coverage.
• Pay your Medicare Part B
premium. Even if you’re enrolled in a private Medicare plan,
you must continue paying your Part B premium. If you’re
having trouble, contact your local Medicaid office to see if
you qualify for a Medicare Savings Program.
• Don’t settle. Priorities
change, so the plan that worked when you were 65 may not be
best when you’re 75. Plans also change year-to-year so
review before renewing.
• Know your network. Many
plans offer choices with a network of doctors. If you visit
a doctor out of network, you could be responsible for
out-of-pocket costs. However, networks offered by Medicare
Advantage choices, such as Cigna-HealthSpring, can foster
better coordination among doctors, leading to better care.
Ask your doctors what plans they accept or check your
network directory.
• Don’t worry about the
Exchanges. With a few exceptions, Medicare will be a better
option than the Exchanges (also called “Marketplaces”). In
fact, it’s illegal for someone to sell you an Exchange plan
if they know you have Medicare.
• Use free resources. The
Centers for Medicare & Medicaid Services’ Plan Finder helps
you compare costs, covered medications and other items. Many
insurance plans offer free seminars with no obligation to
sign up. You can also check companies’ websites or call
their Customer Service number for more information. Local
agencies on aging can also be helpful.
This open enrollment
period, make sure your health plan works for you.
Courtesy StatePoint |
