Medicare and the Inflation Reduction ActSeptember 12, 2022
Medicare & You, 2023December 9, 2022
Don’t Miss Open Enrollment for Medicare 2023
Fall Open Enrollment takes place every October 15- December 7th.
Open Enrollment is a time to review your benefits. This gives you the chance to learn more about your options, enroll in new plans or add new benefits, and make other important decisions that could have consequences for your healthcare and finances.
Things to consider during Open Enrollment include out-of-pocket costs like premiums, deductibles, copayments, and other costs not covered by Medicare. Prescription drug coverage varies from plan to plan; whether you travel overseas can be important to your decisions; and your specific health needs affect the coverage that’s right for you.
Remember, this isn’t open enrollment for Original Medicare. The annual open enrollment period is specifically for people who are already enrolled in Medicare and want to make changes to their supplemental coverage.
Do You Need Expert Advice During Open Enrollment?
Medicare is complicated and involves multiple Federal agencies, and the offerings are often difficult for the average person to understand. Negotiating Medicare and retirement can be a lot more stressful than most people realize, until they have to do it for themselves.
During Open Enrollment each year, there are several major areas for consideration.
- Should you stay with original Medicare or is Medicare Advantage better for you?
- If choosing Medicare Advantage, which Advantage plan is better for you?
- Enroll in or change your Medicare prescription drug plan.
- Choose a Medicare Advantage plan with or without a drug plan.
- Do you need Medicare Supplemental Insurance (Medigap)?.
It’s true, you can read all about the available choices and make your own selections. There are even official resources for you to read like the article “Your Medicare Coverage Choices” on the website Medicare.gov.
However, what an insurance expert brings to the table is the experience and the knowledge of what has worked best for people whose background and situations are just like yours. Local insurance agents deliver the added benefit of having community knowledge and an understanding of regional medical networks, local employers, and how Medicare changes are affecting neighbors near you.
That’s why working with someone like Allison Clayton is important. Her passion to educate and to assist people through lifetime transitions can help you make these hard decisions for yourself and your family during this year’s open enrollment period.
To learn more, contact Allison by calling 724-879-5030, or visit our Contact Us page today.
Should You Choose Medicare Advantage?
Medicare Advantage plans (also called Medicare Part C) are private plan alternatives to traditional Medicare. Enrollment in these plans has grown over the years, with around half the Medicare population taking “advantage” of these plans today.
Of course, with growth and expanding choices comes confusion. According to the Kaiser Family Foundation website, “The Average Medicare Beneficiary Has a Choice of 43 Medicare Advantage Plans and 24 Part D Stand-Alone Plans for Coverage in 2023.” This represents the largest number of options since 2010, more choices than ever before.
Medicare Advantage Plans may be right for you if you need more health care services than what Original Medicare covers. For example, Advantage plans may cover things like gym memberships, hearing aids, vision services, over the counter product allowances, and prescription drugs.
Choosing the right Medicare Advantage plan depends on your personal situation, your medical needs, and your budget. You should consider:
- The size of the healthcare network in your area
- Member satisfaction with the plan you choose
- The plan with extra perks that match your lifestyle
- What is affordable, available, and right for you
Medicare Advantage plans usually include Part D prescription drug coverage as well. Private insurers are also responsible for the stand-alone policies of Part D prescription drug coverage.
All Part D plans cover a wide range of prescription drugs that people with Medicare take, including most drugs in certain classes like cancer or HIV/AIDS. Each plan has its own list of covered drugs (its formulary). Drug coverage typically places drugs in different levels or tiers on their formularies, with lower tier medication costing less than higher tier meds.
It’s easy to see why some expert advice can come in handy for the average Medicare recipient.
Medicare Changes in 2023
Next year will see some of the most significant changes to the Medicare landscape than has been seen for decades.
These include premium and deductible increases for Part A and lower rates for Part B. There are also changes to Medicare Advantage and Medicare Part D.
To learn more, read our recent article that answers the question “Are Medicare Benefits Changing in 2023?”
The world of Medicare is of exceptional benefit to the nation’s seniors, but it can also be a complex and confusing set of services to navigate.
To learn more, please contact Allison Clayton with Insurance Services, LLC at 724-879-5030, or visit our Contact Us page today. We look forward to answering your Medicare questions and serving your health insurance needs.
Not connected with or endorsed by the United States government or the federal Medicare program. The official US government website for Medicare is www.medicare.gov. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.