Two Medicare enrollment periods are happening now until March 31.
1. Medicare General Enrollment (for beneficiaries who missed their initial enrollment period for Original Medicare Parts A & B).
2. Medicare Advantage Open Enrollment (for Medicare Advantage enrollees who want to make changes to their 2020 coverage).
Here are some suggestions for older adults from John Clifford, CFO/ COO of Ensurem, a multicarrier insurance brokerage that recently entered the retail Medicare solutions market.
1. The most important thing is to find the plan that works best for your needs. For example, many insurance companies offer $0 premium Medicare Advantage plans, but that doesn’t mean you’ll end up spending less on your healthcare expenses if you choose that type plan.
2. Seniors should also take into consideration the following 5 points:
A. Whether or not a plan covers Part B premiums
B. Yearly deductibles and out-of-pocket limits
C. How much you’re required to pay for each visit or service (copayment/coinsurance)
D. Whether or not the plan allows you to go to your preferred doctors and specialists
E. What prescription drugs you take
3. Everyone’s health needs and lifestyles are different, and something that may seem insignificant to one can have a huge effect on costs.
• If you live with someone your age, you could qualify for household discounts for Medicare Supplement insurance.
• If you have Medicare, you could qualify for special, dual-eligible Medicare Advantage plans with extra benefits.
• If you travel a lot or have a preferred doctor or specialist you want to see, you may want to avoid certain plans.
Speaking with a licensed agent who specializes in Medicare insurance, who knows the needs of seniors, can help you navigate the Medicare landscape in a critical open enrollment season so you don’t end up paying more than you should for your healthcare coverage.