Medicare enrollment: Choosing a plan to meet your needs
HOUSTON - The Medicare enrollment period is now open for people 65 and older. The biggest mistake people make is automatically renewing the same Medicare plan each year, without reviewing their coverage.
Seventy-one percent of Medicare enrollees don't compare their options. But Medicare plans and your needs change over time. That means you could be paying hundreds of dollars more for prescriptions and healthcare than you need to.
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Whether you're enrolling in Medicare for the first time, or switching Medicare plans, you have different types of coverage to choose from.
First, there's Original Medicare.
"Original Medicare is the coverage that is provided to you directly by the federal government, and it includes if you're enrolled in Medicare Part A and Medicare Part B. You have coverage for inpatient care under Part A. Then physician services, outpatient care, durable medical equipment, and stuff like that is under Medicare Part B," explained Louise Norris with MedicareResources.org.
Original Medicare does not cover prescriptions, so you'll need a Part D plan.
"You can go on Medicare.gov. They have a Plan Finder tool where you can put in your drugs, the exact drugs you take, what your dosages are," suggested Norris.
There are also supplemental, or Medigap plans, that cover gaps in coverage.
"Just know that there is not an open enrollment period for Medigap, which is the supplement that people use to go along with Original Medicare. So you can apply for that, but the insurance companies, in most states, in most situations, would be able to use your medical history," said Norris.
Or seniors can choose a Medicare Advantage plan from different private insurance carriers.
"Most of them include Medicare Part D, so they have the drug coverage built in with the Medicare Advantage plan. Then they'll oftentimes also include extras like dental and vision, coverage for hearing aids, gym memberships, stuff like that," said Norris.
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A new law this year lowers the cost for prescriptions, including insulin, and covers more vaccines.
And the income limits are being raised for the Extra Help program, enabling more low-income seniors to qualify for Extra Help, a program that helps cover prescription costs.
Seniors can get help selecting a Medicare plan from several resources:
Houston Galveston Area Council
State Health Insurance Assistance Program
Independent insurance agents
Medicare enrollment runs October 15 through December 7.