Buzz
As autumn sets in, it’s time to prepare for Medicare open enrollment, which begins in just six weeks. Seniors can choose a new Medicare and Part D prescription plan between Oct. 15 and Dec. 7. Additionally, you may decide to switch from traditional Medicare (Part A and Part B) to a Medicare Advantage private plan.
While the idea of automatically renewing your current Medicare plans might be appealing, you could be missing out on significant savings, potentially amounting to hundreds of dollars, according to a recent CBNC report. Here’s what you need to know about the process.
Take time to evaluate your existing plans
As open enrollment nears, it's the perfect opportunity to reassess your current Medicare plans. Start by making a list of your doctors, specialists, prescriptions, hospitals, and the costs associated with each. Take note of any unexpected expenses you've encountered and factor those into your comparison of new Medicare plans. This month, you will receive an 'annual notice of change' in the mail, which will detail any changes to your plan for the upcoming year, including updates to coverage, co-payments, deductibles, and monthly premiums. Carefully review these changes to understand how they may affect your out-of-pocket costs.
How to evaluate new plans
Once you’ve reviewed your current plan, compare it to available new options. You can search for new plans using the Medicare Plan Finder by entering your zip code. A short video explains how the tool works. This year, the Medicare Plan Finder introduces some new features, such as a prescription drug list builder and expanded information on Medicare Advantage Plans (Part C). Take time to explore your coverage options before diving into plan comparisons.
Another resource for comparing Medicare plans is State Health Insurance Assistance Programs, which may offer free local counseling for eligible enrollees.
Where to find financial support
If you're having difficulty covering your Medicare premiums or other costs, there are four assistance programs that may help. These savings programs include:
Qualified Medicare Beneficiary (QMB) Program
Specified Low-Income Medicare Beneficiary (SLMB) Program
Qualifying Individual (QI) Program
Qualified Disabled and Working Individuals (QDWI) Program
To learn more and check if you're eligible for these programs, contact your state Medicaid program.
Another option for Medicare assistance is the Extra Help program, which can help low-income individuals pay for prescriptions, premiums, deductibles, and co-insurance. This program may cover up to $5,000 in annual costs, according to the Social Security Administration. You may qualify automatically or can apply online at SSA.gov.
Depending on your location, a State Pharmaceutical Assistance Program (SPAP) may be available to assist with prescription costs or Medicare Part D premiums. You can search for your state’s program here.
You can also explore other local assistance resources through State Health Insurance Assistance Programs (SHIP).
