There’s good news for Medicare Advantage enrollees who like to have more choices and not-so-good news for those who find the enrollment process daunting.The total number of Medicare Advantage plans has increased across the nation.
And some plans are for the first time offering new perks, such as therapeutic massage and caregiver support services. “The 2019 Medicare Advantage plans overall have richer benefits than in previous years,” Fischer said.
Medicare open enrollment began Oct. 15 and will end on Dec. 7. During this time you can choose and change plans. Your coverage starts Jan. 1.
If you’re new to Medicare or plan to change coverage, you need to first decide whether you want to sign up for traditional Medicare or a Medicare Advantage plan.
Traditional Medicare refers to Medicare Part A and B, for which the federal government sets reimbursement rates. Part A covers hospitals and Part B covers doctors visits and medical tests. You can supplement traditional Medicare with Medigap plans to cover costs not covered by traditional Medicare, such as deductibles and co-pays. You can also choose stand-alone prescription drug plans called Medicare Part D to cover your drug costs, which are offered by private insurers.
Medicare Part A’s in-patient deductible that beneficiaries will pay when admitted to the hospital is $1,364 in 2019, an increase of $24 from the previous year, according to Medicare.
Medicare Part B premiums are also going up slightly from $134 to $135.50. The annual deductible for the program has also gone up by $2, to $185, according to Medicare.
Meanwhile, the average monthly basic Part D premiums are expected to fall, from $33.59 to $32.50.
Then there’s Medicare Advantage.
These are plans that are offered by private insurers with Medicare’s approval that bundle coverage and can be easier to manage. Most cover drugs. If you pick one that doesn’t, you can supplement it with Medicare Part D plan. But unlike traditional Medicare, these plans have various deductibles and out-of-pocket costs. Make sure to take into account all those expenses before deciding on a plan.
Medicare Advantage plans are also specific to each county, so double-check that the plan you pick is for your county.
Medicare Advantage enrollment is expected to reach an all-time high in 2019. The federal government is projecting that one-third of Medicare beneficiaries — almost 23 million individuals — will sign up for a Medicare Advantage plan during open enrollment this year. That’s an 11.5 percent increase from last year.
On average, Medicare Advantage monthly premiums are estimated to decrease to $28 from an average of $29.81 in 2018.
Also new this year with Medicare Advantage are new supplemental benefits, such as in-home care, caregiver support services and therapeutic massage, which are offered by 270 plans nationwide. These benefits are expected to be more widely available in 2020, Medicare officials said.
Lipschutz advised consumers to find out whether the added benefits are available to all enrollees or only to ones who have certain chronic conditions.
“Ask about the extra benefits. Ask, ‘is the extra thing being offered worth other tradeoffs?’ Transportation might be great but are the plan’s out-of-pocket costs higher?” he said.
The worst thing you can do is take no action, even if you’re happy with your current plan, experts said. Plans change their networks and drug formularies each year, and if you haven’t read the information they’ve been mailing you in recent months, you may be in for a surprise come January.
You can use several resources to find a plan that’s best for you. SHINE counselors from the state Department of Elder Affairs can give you unbiased advice. If you’re tech-savvy, you can compare plans on medicare.gov. You can also speak with insurance brokers.
If you’re turning 65, your insurance company may automatically switch you from your work or marketplace policy to its Medicare Advantage plan. If you have Medicare and receive a low-income subsidy, you should also watch for documents that require you to recertify your eligibility.
And here’s one last piece of advice: watch out for scams and marketing violations. If you think someone representing a plan is violating the marketing rules, call the insurance company or your local SHINE office.
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