Expert tips to help you save money
during Medicare open enrollment
TIMESLEDGER | QNS.COM | NOV. 20-NOV. 26, 2020 17
For most people enrolled
in Medicare, the annual
open enrollment period
from Oct. 15 through
Dec. 7 is the only time you can
make changes to your existing
Medicare coverage. Whether
you’re satisfied or dissatisfied
with your coverage, this is the
time to explore your options as
there may be a plan better suited
to your health care needs
that could save you money in
the upcoming year.
During Medicare open
enrollment, Medicare
beneficiaries can:
* Switch Part D
prescription drug plans
* Switch Medicare
Advantage plans, which
offer health (and often
drug) coverage through
private insurers
* Switch from Original
Medicare, administered by
the federal government, to
Medicare Advantage
* Switch from Medicare
Advantage back to
Original Medicare
As you begin to research
your options, consider these
tips for navigating Medicare
open enrollment from Dan
Klein, president and CEO of
the Patient Access Network
(PAN) Foundation, an independent
charitable organization
dedicated to helping
people afford out-of-pocket
health care costs. Keep in
mind, all changes made to
coverage during open enrollment
take effect on Jan.
1, 2021.
Do your homework and
research changes
Changes to your health
status, prescription drugs,
budget, or doctors or other
health care providers may
mean that your current
plan is no longer the most
cost-effective choice for you.
Insurance companies can
also make annual changes
in your Part D prescription
drug plan or Medicare
Advantage plan that might
affect the drugs covered,
provider networks and your
out-of-pocket costs. Visit
Medicare.gov to understand
the benefits and costs of
each plan so you can find the
coverage that works best for
your current needs. Furthermore,
consider going over
your plan with an expert;
the State Health Insurance
Assistance Program offers
free (government-funded)
one-on-one consultations.
Check that your doctors and
providers are in-network
It’s smart to check that
your preferred doctors, hospitals
and pharmacies are in
the plan’s provider network,
especially before selecting a
Medicare Advantage plan. If
you visit a doctor, hospital
or pharmacy that is outside
of the network, you will likely
have to pay more. If your
insurance company has
changed your plan’s provider
network for next year, you
may want to use open enrollment
to switch to a plan that
will include your current
doctors, hospitals and pharmacies
in-network to lower
your medical costs. Additionally,
check telehealth
coverage so you can meet
your doctors over the phone
or on the computer if appropriate.
Note: With Original
Medicare, you can go to any
doctor, health care provider,
hospital or facility that accepts
Medicare patients.
Make sure your medications
are covered
Medicare Part D helps
cover the cost of prescription
drugs. Many Medicare Advantage
plans provide prescription
drug coverage as well. It’s
important to ensure that your
plan covers the medications
you need and that it’s convenient
for you to access your
drugs through the plan’s network
of pharmacies. Switching
prescription drug coverage,
or even adding it for the
first time, can help make the
critical medical treatments
you need less expensive.
Assess if your plan is still a
good fi t for your budget
Annually, there may be
changes to your Medicare plan
that affect your out-of-pocket
costs. These are your expenses
for medical care that aren’t reimbursed
by insurance. When
selecting a plan, you should
consider what you will be responsible
for paying under the
plan, including the deductible,
out-of-pocket limit, co-pays,
and coinsurance. Also, if you
are enrolled in Original Medicare
and do not already have
supplemental coverage, now
may be a good time to consider
purchasing a Medigap plan.
Determine how to pay out-ofpocket
costs
With rising deductibles,
premiums, co-pays and coinsurance,
the inability to pay
for out-of-pocket costs is a
growing problem for people
with Medicare. There may be
assistance available to you if
you cannot afford the out-ofpocket
costs for your prescription
medications.
If you have limited income
and resources, you may qualify
for a federal Medicare Low
Income Subsidy (LIS) - also
known as Extra Help - to help
pay for your prescription drug
costs. You may also be eligible
for a patient assistance program
that provides people
with financial assistance to
cover out-of-pocket costs for
their medical treatments.
You can learn more about
PAN and patient assistance
charities by visiting PANFoundation.
org.
Don’t delay; act now. By
using the open enrollment period
to evaluate your existing
coverage and learn about all
your options, you may be able
to save significantly on your
health care costs next year.
— Courtesy of BPT
HEALTH
/QNS.COM
/Medicare.gov
