What to Consider During Medicare Open Enrollment Period
By - Health payers and consumers need to be aware that the Medicare open enrollment period begins this week on Thursday, October 15. This means that individuals aged 65 years old and older who have health insurance through Medicare will have the chance to make changes in their Part D (prescription drug) coverage, begin enrollment for a Medicare Advantage plan, or change standard and Medicare Advantage plans, according to the Arizona Daily Star.
The Medicare open enrollment period will last until December 7 and any new changes will begin taking effect on January 1 for Medicare beneficiaries. While standard Medicare plans stay consistent on a yearly basis, certain coverage options like the prescription drug plan or a private Medicare Advantage-managed care plan could have key aspects altered from year to year.
During the Medicare open enrollment process, it is important to pay attention to the costs of premiums, the drugs that are covered or no longer part of the standard menu, and whether healthcare providers have remained with the Medicare-based network or left.
For those who are nearly 65 years of age or any elderly citizens looking to learn more about changes that may take place during the coming Medicare open enrollment period can take advantage of workshops taking place in most communities.
“The decisions you make in open enrollment can impact you for the entire year,” Stephanie Hartell, Medicare coordinator at the Pima Council on Aging in Tucson, told the news source. “In order to become a more informed consumer about Medicare and benefits changes in 2016, now is the time to sign up to take one of our workshops at different locations in Tucson, Oro Valley and Green Valley this month.”
Rhonda Randall, a geriatrician, wrote three key pieces of advice for Medicare beneficiaries via the Next Avenue publication. First, it is beneficial to take part in Medicare’s preventive care benefits such as an annual check-up, smoking cessation counseling, and obesity screening.
The Patient Protection and Affordable Care Act has also positioned some other preventive care benefits for citizens around the country. For example, mammograms and colonoscopies can now be obtained via Medicare with no out-of-pocket costs.
Additionally, there used to be a gap in which Medicare beneficiaries that already received a set amount of funds dedicated to their prescription drug coverage were then forced to pay the full price of medications.
However, this coverage gap is slowly closing and Medicare beneficiaries will be able to obtain their medications at lower costs. For example, the coverage gap will increase by approximately $400 in 2016 when compared to this past year.
Also, Randall recommends Medicare beneficiaries to take a look at the Medicare Advantage Plan and its benefits. This is a private health plan offering Medicare coverage benefits and includes maximum out-of-pocket expenses. Medicare Advantage beneficiaries could potentially receive extra benefits like vision, dental, and hearing coverage as well as prescription drug insurance.
“Medicare recipients should review their coverage options on a yearly basis,” Sarah Clark, manager for the Statewide Health Insurance Benefits Advisors program, stated in a news release. “Plan premiums and drug formularies change each year. Plans may even be discontinued, so people need to be proactive in understanding their options.”
