If you have turned on a TV lately you already know that it is Medicare’s Open Enrollment Period from October 15th thru December 7th. Most people try to ignore or avoid this time completely, but truly that is not in your best interest. Now is the time to look ahead to 2022 and think about any medical things that may be coming up. Are you on track to get a knee or hip replacement? Do you have some medication changes coming? Is there a new risk to your overall health? Are you moving and need to find a new Doctor? All these questions should be kept in mind when you are thinking about Medicare Open Enrollment and deciding on what is best for you.
There are so many plans out there. There is Original Medicare which has no networks to worry about. Medicare Part A covers inpatient stays like hospital and some nursing home coverage. Medicare B covers your doctor appointments, therapy, things that you are not admitted inpatient for. Medicare pays a certain amount and then you are responsible for the copays and coinsurance. There are Medigap (Medicare Supplement) policies available to cover these out-of-pocket costs. The premiums on these policies tend to be a little higher, but if you shop carefully, the coverage is usually quite good.
Medicare Advantage Plans are another option. The plans that are available are based on where you live. These plans are usually less expensive and often include the Inpatient Coverage along with your doctor visits, therapy etc. These plans often include some prescription drug, eye, dental coverage. You would need to shop the plans to see what is covered. They often have a network, so you will want to be sure that your doctor is in their network. They also have out of pocket costs. They have copays and co-insurance also, so depending on your situation and what you have coming, you will need to decide what is best for you.
When you are thinking about the costs you should look at the monthly premium, and the out-of-pocket costs, to get a yearly total of what you may have to pay. The plan that is right for one person may not be right for the next one.
The best decision is an informed decision. The Senior Linkage Line of Minnesota, is a great place to start. They are extremely helpful and non-biased. Call 1-800-333-2433. Then you can talk to your Insurance Professional.