Take Advantage of The Open Medicare Enrollment Period
If you aged on Medicare this year, you had some important options available. Now, with the Enrollment Period open, October 15 – December 7, if you have Medicare Part A and Part B, you have even more options. When you first joined Medicare, you had the choice of choosing a Medicare Advantage plan, maintaining your original Medicare plan, choosing a Medicare supplement plan and a Part D prescription drug plan, or maintaining your original Medicare plan and choosing a Part D prescription drugs. To clarify, Medicare has parts A, B, and C. The prescription drug plan is part D.
During this open enrollment period, you will have plenty of opportunities by December 7 to make the desired changes and ensure the plan that best meets your healthcare needs. These are some areas of consideration when it comes to making the best decision for you. Your original Medicare plan has several franchise and co-insurance items that can affect your bank account if you have a serious illness and need to be hospitalized. This is where a Medicare supplement plan can save you from this serious economic situation. Keep in mind that if you choose a Medicare supplement plan, each provider must, by law, offer exactly the same plan.
Don’t be obsessed with the company name, just consider the cost of the plan and the letter designations (Plans A, B, C, D, F, G and K) and the cover associated with the letter. If you agree to choose a doctor in a network and do not wish to purchase a Part D prescription drug plan, Medicare Advantage Plan may be your best option. The main refusal in a Medicare Advantage plan for most Medicare beneficiaries is that if you currently have a doctor you are satisfied with and your doctor is not on the network, you will need to change. However, if you are concerned about keeping the cost of healthcare low, it may be best to choose a doctor in a network.
If you choose Medicare Advantage plans, depending on your income and the benefits you choose, you may receive a small monthly premium. However, it would be small compared to the Medicare supplement plan monthly premium. You can also choose a Medicare Advantage plan without the Part D plan if you already have a Part D plan and simply choose an independent Part D plan. Take time to consider your options carefully.