Here’s your game plan for the Medicare Annual Enrollment Period
Written by John Ferrari
OK, you know the drill: Medicare’s Annual Enrollment Period runs
from Oct. 15 to Dec. 7. That’s game time. During this period you
can evaluate your own Medicare Advantage (aka Part C) and/or Part D prescription
drug plans and compare them to all the other plans on the market. If you
find a plan that better fits your needs, you can switch to that Medicare
Advantage and/or Part D plan. Additionally, if you have Original Medicare
(Parts A and B) you can join or drop a Part D prescription drug plan or
switch from Original Medicare to a Medicare Advantage plan; you can also
switch from a Medicare Advantage plan to Original Medicare. That’s
a lot to consider. That’s why you need a game plan!
Ready…
…your comparison-shopping info
Each year, insurance companies can make changes to their plans, potentially
affecting your medical and prescription drug coverage, provider and pharmacy
networks and payments – including monthly premiums, deductibles
and drug costs. Changes take effect on Jan. 1 – but insurance companies
must announce any upcoming changes before annual enrollment begins, giving
you time to examine changes to your plan and compare your current plan
to other plans available in your area. You may decide to stick with the
plan you have, or you may switch to a different plan offering better or
less expensive coverage.
Here’s your pre-game scouting report: the Medicare & You handbook.
If you’re enrolled in Medicare you should receive a copy in the
mail right around the time annual enrollment kicks off. The handbook includes
a regional booklet with a list of HMOs, insurance companies and other
information specific to your area. If you’ve gone digital, the handbook
is also available online (just search for “Medicare & You 2021”),
although the online version doesn’t include information tailored
to your local area. The website offers handy tools including the ability
to search for and compare doctors and other health care providers, hospitals,
inpatient rehabilitation facilities, nursing homes, dialysis facilities
and additional medical services that accept Medicare.
You should also review your insurance company’s Annual Notice of
Change (ANOC) pamphlet. Your current provider must send you an ANOC pamphlet
by Sept. 30, presenting the plan’s current costs and costs for the
upcoming year in a side-by-side comparison.
You can also bring in a coach: a trusted licensed insurance advisor or
agent. Insurance advisors help clients navigate their Medicare options
and weigh variables including medical needs, plan costs and plan coverage.
Because they represent all insurance companies, explains health insurance
consultant Vince Kelly, they are unbiased and can objectively compare
different plans and costs. “We just want you to be happy and have
the least cost… We can focus on what you want, what you need and
what’s going to work best for you.”
Set…
...yourself up with the best plan
With your insurance company’s ANOC pamphlet you can see what’s
going to change with your current plan. With the Medicare & You handbook
you can compare your current plan to other available plans and choose
whether you want to keep your current coverage or change your plan, all
before game day on Oct. 15.
“One of the biggest things to look at is medicine,” notes independent
health insurance agent Rose Straub. “It’s really important
to look up the medicines you’re taking.” There can be significant
differences in brand-name prescription drug coverage. Based on differences
in drug coverage alone, Straub says, you may be able to narrow a choice
of eight plans down to the two or three providing the best coverage for
the medications you take. Kelly adds your out-of-pocket cost for most
brand-name prescription drugs should be around $40 to $50 per month. If
you’re paying much more for one or more of your prescriptions, there’s
probably a different plan with those specific medications available for
less. “Medicare.gov allows you to enter the medicines you take and
find out which HMOs cover them, and which prescription drug plan works
best for your combination,” Straub says. The handbook also lists,
for example, the vision and hearing benefits of each plan, which can make
a big difference if you wear glasses or hearing aids.
Go…
…with the best Medicare plan for you
Medicare & You lets you know how to sign up for a plan and how Medicare
and other medical insurance coverage work together. When you’re
ready, you can enroll with your licensed agent or on Medicare.gov (click
on “Sign Up/Change Plans”).
There’s a new player on the opposing team this year: COVID-19. The
good news, says Kelly, is insurance companies have adapted well to physcial
distancing by expanding online options for their clients. “All the
companies have adapted really well for everybody involved…There
are new processes for enrolling online, so people don’t have to
go anywhere, and I think people are realizing it works well. It’s
quite convenient. Whether you’re calling in to insurance companies
or to consultants you can score the winning play for the best Medicare
coverage for you – with plenty of time left on the annual enrollment
clock.”
Torrance Memorial IPA offers a monthly overview of Medicare, Medicare 101,
as a Zoom webinar. For information, visit our
Medicare 101 page for specific times and dates. Or contact an agent, such as Vince Kelly,
(310) 625-1837 (medicarebabyboomer.com), or Rose Straub, (310) 715-2300 (ymainsurancesolutions.com) for a free consultation.