What to know about Medicare open enrollment
I know that Medicare open enrollment starts Oct. 15 and runs through Dec. 7. Who is this for?
Open enrollment is a comparison-shopping opportunity for everyone who’s already covered by Medicare — a chance to switch to a Medicare plan that better fits their needs and/or costs less. It’s also a chance for people who missed their original enrollment deadlines to buy Medicare.
Even if you like your current Medicare coverage, you should compare it to the alternatives. This is especially true for anyone with a Medicare Advantage plan or a stand-alone prescription drug policy (Medicare Part D), because these policies’ in-network medical providers and covered benefits often change from year to year.
During open enrollment, you can change Part D policies or Medicare Advantage plans. You can also leave Medicare Advantage for Original Medicare, or vice versa.
The basic difference:
Original Medicare includes Part A (hospital care) and Part B (doctors’ services) and lets you go to any doctor or hospital that accepts Medicare. But you must buy Part D (prescription drugs) in a separate insurance policy. It’s prudent to buy a Medigap policy, too, to cover your deductible and co-pays.
Medicare Advantage plans are subsidized by the government, but they’re run by private insurers. Your choice of providers is limited to the insurer’s network and you’re subject to its pre-authorization rules. But these plans typically include Parts A, B and D, often cost less than Original Medicare plus Part D and a Medigap policy, and they sometimes pay for services Original Medicare doesn’t cover, like vision and dental care.
You may need help to compare these options! Luckily, free aid is available. More on that in next week’s column.
The bottom line
Open enrollment is an important annual opportunity for Medicare beneficiaries to improve their coverage and/or reduce its cost.
