As we enter Medicare’s annual open enrollment period, it’s important for seniors to consider their current plan and healthcare coverage. For many, original Medicare is almost never the right solution, even though it’s what a lot of seniors 65 and older find themselves enrolled in. Open enrollment is an opportunity to learn more about the coverage you have versus the different options available to you within the broader marketplace.
Understand Original Medicare
Original Medicare is the standard option for seniors, offering basic coverage across both Medicare Part A (hospitalization) and Part B (outpatient medical services). Unfortunately, this is only the beginning of what many seniors need from their healthcare coverage. For example, there’s little-to-no coverage for Medicare Part D (prescription drugs). The coverages for Parts A and B are also set at the baseline, which may not be enough for some seniors.
Here’s more information about the parts of Medicare.
What is Your Current Coverage Missing?
As you look at your current Medicare plan, ask yourself what’s missing. What recent healthcare expenses did you have that weren’t covered? Are there gaps in your coverage that concern you for the future? Do a thorough review of your plan against other plans within the marketplace to see what your current coverage overlooks.
Some gaps in coverage are easy to spot because they’re part of your everyday life—vision, hearing, and dental, for example. If you wear prescription glasses or hearing aids, you know full well how expensive these products can be without insurance! If you have original Medicare, you’ll pay these expenses out of pocket; they’re not covered under Part A or B. Those costs can add up fast, in the amount of thousands per year.
In addition, review your coverage amounts for Medicare Parts A and B. For seniors with chronic health conditions or higher annual medical expenses, original Medicare might not be enough to give you peace of mind.
Consider Your Options
Medicare’s annual open enrollment period is the best time to review your current coverage because of the opportunity to review your options. Specifically, you’ll have the opportunity to choose Medicare Part C (Medicare Advantage) or a Medicare Supplement plan to fill any gaps in your coverage.
Medicare Advantage Plans are private insurance plans that cover all benefits under Medicare Parts A and B, with the addition of vision, dental, hearing and prescription drug coverage. For many seniors, it’s an immediate and much-needed improvement over original Medicare.
Medicare Supplement insurance (Medigap coverage), are an extension of Medicare Parts A and B. They’re designed to reduce out-of-pocket exposure by covering the cost difference in things like copayments, coinsurance, and deductibles.
Take advantage of annual enrollment
There are 66 million seniors currently enrolled in Medicare, yet only about one in 10 individuals relies solely on the Medicare program for health care coverage. Seniors need more from their healthcare plans—now is the time to explore your options.
SeniorCare Benefits is ready to assist you during Medicare’s annual open enrollment period. To learn more, please call us at 1-888-230-0269 to speak with one of our agents about your coverage needs.
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