Key into the Medicare Open Enrollment Period
As a result of the Medigap modernization law of 2010, which came into effect on June 1, there were some modifications to the prevailing Medicare supplement plans. Such changes did not affect those benefiting from the Medicare Open Enrollment period.
If you qualified for Medicare this year, you had some vital options available. But, if you have Part A and Part B Medicare, you have even more options with the Open Enrollment period which last from October 15 to December 7.
If you entered Medicare, you had the option of choosing a Medicare Advantage plan, retain your original Medicare plan, select both a Prescription Part D plan and a Medicare supplement, or retaining your original Medicare plan and a select a Part D prescription plan. Medicare has Part A, B and C. Part D is the Prescription Drug Plan.
During the open enrollment phase that last till December 7, you will have several options to make the changes you want and make sure you have the plan that best suits your needs.
Here are some areas to consider when making the best choice for you. Your original Medicare plan has multiple deductibles and coinsurance items that can impact negatively on your bank account if you have a severe illness and need to be hospitalized for a while. This is where a Medicare supplement plan can save you from these terrible economic situations. Keep in mind that if you choose a Medicare Supplement plan, each provider will have to offer you the same exact plan according to law. Do not stick to the name of the company, but only consider the cost of the plan and the letter designations (plans A, B, C, D, F, G and K) and the cover for each plan.
If you are okay with choosing a physician from a network and are not looking for a Part D prescription plan, a Medicare Advantage plan may be the best for you.
For most Medicare beneficiaries, the main negative factor about Medicare Advantage plan is that if you have a doctor you are comfortable with and your doctor is not on the network, you need to change. However, if you are worried about keeping your healthcare costs down, then it may be better to select a doctor from a network. Get a Humana medicare advantage plan at www.medicareadvantage2019.org/humana-medicare-advantage-plans-2019
Should you choose a Medicare Advantage plan, you may have a small monthly premium depending on your income and the benefits you choose. Nonetheless, it would be small compared to the monthly Medicare Supplement Plan 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 to go with a stand-alone Part D plan. Make out sometime to carefully examine your options.
Finally, after December 7, you have the opportunity to return to Original Medicare and an independent Part D Plan before February 15. This open registration period is an important time for you as a Medicare beneficiary to carefully review your decisions.