By Jeremiah Brewer, Your Local Medicare Plan Specialist, Wenrick Insurance
During this period, anyone with Medicare can change their Medicare health plans and prescription drug coverage for the following year to better meet their needs.
Medicare health and drug plans can make changes each year to cost, benefits, coverage, and the plan’s network of providers and pharmacies. Therefore, materials sent from the plan, like the “Evidence of Coverage” (EOC) and “Annual Notice of Change” (ANOC) should be reviewed to find out if the plan is changing. Make sure your plan will still meet your needs for the following year. Nothing needs to be done if the current plan will continue to meet your needs for next year.
Let us review Medicare basics.
Medicare has four parts:
- MEDICARE PART A (Hospital Insurance)
- Helps cover inpatient care in a hospital or skilled nursing facility (following a hospital stay), home health care services, and hospice care services. Co-payments, coinsurance, and deductibles may apply for each service. You usually do not pay a monthly premium for Part A coverage if you or your spouse paid Medicare taxes while working.
- MEDICARE PART B (Medical Insurance)
- Helps cover doctors’ services, outpatient care, home health services, and other medical services. Part B also covers some preventive services. Copayments, coinsurance, and deductibles may apply for each service. You can find out if you have Part B by looking at your Medicare card. You pay the Part B premium each month. Part A and Part B are often referred to as “Original Medicare”.
- MEDICARE PART C (Medicare Advantage)
- A health coverage option run by private insurance companies approved by and under contract with Medicare. Includes Part A, Part B, and, usually, other coverage like prescription drugs. Medicare Advantage Plans may offer extra coverage, such as vision, hearing, dental, and/or health and wellness programs. In addition to your Part B premium, you usually pay one monthly premium for the services provided.
- MEDICARE PART D (Medicare Prescription Drug Coverage)
- A prescription drug option run by private companies approved by and under contract with Medicare. Helps cover the cost of prescription drugs, may help lower your prescription drug costs and help protect against higher costs in the future. Part D is available to everyone with Medicare.
Medicare’s AEP, a time to make a change, really demands input from a local agent. A local agent with experience and working knowledge is a tremendous asset for understanding benefits and provider networks. The agent can help you understand what you do have, determine if your coverage currently meets your needs now, and suggest possible Medicare plan options better suited for you.
What do you have now?
- Medicare Supplement plan? What plan type do you have? A, B, C, D, G, HD G, M or N? Are your monthly premium rates becoming unmanageable?
- Part D plan for your prescription drugs? Did you know there is a penalty if you do not have prescription drug coverage?
- Part C plan with prescription drug coverage? Is the present provider network meeting your needs?
- Are you a veteran with a Part C plan? If not, you may be missing out on some additional benefits.
As a local agent, I can help you better understand what you do have and offer other options that would meet your needs. I am with an established agency, Wenrick Insurance Agency, and we can assist you during this year’s AEP.
Email me at jeremiah@wenrickinsurance.com or call or text my cell phone at (850) 699-0774 to connect..
Author: Sowal Editor
Views: 0
