The annual open enrollment time for Medicare is fast approaching! From October 15 to December 7, adults age 65 and over will need to select the type of Medicare plan they want for 2021. There are more choices than ever, and it's essential to review your options before carefully making a decision.
Here is a summary of the options:
Original Medicare
Medicare Part A – Hospital Insurance - Part A helps to cover:
- Inpatient hospital stays
- Skilled nursing facility care
- Hospice care and some home-health care
Medicare Part B – Medical Insurance - Part B helps to cover:
- Individual doctors’ services
- Outpatient care
- Some medical supplies and preventive services
With Original Medicare, you can go to any doctor or hospital in the U.S. that accepts Medicare. You usually don't need a referral to see a specialist.
You will need to purchase separate insurance for Prescription Drugs (Part D) and a Medicare supplement for those who want additional coverage. A Medicare Supplement is an insurance policy that can help pay for some of the costs that Original Medicare doesn’t cover, including deductibles and coinsurance. Also known as ‘Medigap’ plans, these are often purchased by those who want to supplement their Original Medicare Parts A and B. You will also need a Medigap policy to cover care when you are outside fo the U.S.
Medicare Advantage
Part C
More people are selecting Medicare Advantage plans than ever before. These plans are available from many different private health plan insurers.
A Medicare Advantage plan will wrap your Medicare Part A and Part B (and, in most cases, Part D) coverage into one plan. Medicare Advantage plans can offer supplemental benefits that Original Medicare does not. Here are some benefits many plans include:
- Prescription drug coverage
- Access to mail-delivery pharmacy
- Vision care
- Hearing coverage
- Dental care
- Fitness program
- Home-delivered meals after a hospital stay
- Telehealth
- Over-the-counter medications
Many people like the added benefits that a Medicare Advantage plan offers. One benefit that is gaining popularity is a home-delivered meal benefit after a hospital stay. These meals can help your recovery since preparing meals may be difficult after a hospitalization.
What Are The Costs?
According to the Centers for Medicare and Medicaid (CMS), your out-of-pocket costs may be lower with a Medicare Advantage plan. Many Medicare Advantage plans offer $0 premiums.
Original Medicare costs can vary, as well. The standard amount Original Medicare recipients pay for 2021 is predicted to be $153.30 per month for Part B coverage (but may vary by income). There is an annual deductible of $198.
To learn more, visit the Medicare Comparison tool site to research your options. Many Medicare Advantage plans provide cost-saving benefits compared to Original Medicare.
The Choice Is Yours!
Selecting the right Medicare option is an important decision! To choose the right option for you, compare plans, and review the benefits.
If you currently have Original Medicare and do not wish to change your plan, you do not need to re-enroll. Remember, open enrollment ends on December 7!
