For many seniors, enrolling for Medicare coverage can be a nightmare of red tape and complicated bureaucracy.
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Quinlan: Seniors will choose one of two paths. See the “Resource Locator” at www.medicare.gov for more help comparing plans and providers.
Barry says applying for Social Security in October may allow people to save money on premiums in the short run but could cost them more in the future. How much do you pay for services like hospital stays or doctor visits? Which prescription plan is best for you? They are managed health care products like an HMO or PPO. As hard as it can be to work through all the factors involved, discovering a lower cost plan that still meets your coverage needs is possible, and the effort can pay off in substantial savings.
Barry has a simple piece of advice when it comes to all those brochures you’ve received: “Ignore that avalanche of mailings from Medicare plans that are coming through the door”. “Meanwhile, despite the president’s massive cuts to Medicare, its costs are exploding”. Higher premiums for enhanced plans stem, in part, from higher plan costs for sophisticated drugs used to battle catastrophic illnesses, according to Avalere.
Medicare beneficiaries may have noticed their mailboxes are filling with brochures and packets from health insurance companies. You will be given the option to turn down Part B. Humana Walmart RX will charge $18.49 per month.
But 30 percent are not protected from higher premiums. Medicare Advantage plans (Part C) have traditionally no or low premiums.
Last year, half of those with Medicare lived on annual incomes of less than $24,000, the letter explains.
Part D covers prescription drugs, and can be paired with both regular Medicare and Medicare Advantage. If you have a Medicare Advantage plan with a prescription plan (also known as MA-PD plan) you can move over to another MA-PD plan.
Quinlan: Are your doctors and hospitals still accepting patients under the original Medicare Part A and B?
Not only that, but when hackers break into a health care computer system, which seems to happen with a few regularity these days, your Social Security number is easy to steal. With Medicare Plan D coverage, are your medications still covered? You can ask your pharmacist or physician for this information.
Basic plans come with a gap in coverage, often called the “donut hole”, where the beneficiary must pay out of pocket after reaching a cap.
The big premium increases should motivate enrollees to shop for new coverage during the fall enrollment. Everyone has a choice about how to get Medicare health benefits.
Quinlan: First, review costs and coverage. Missing a deadline by even a month reads as missing the deadline by a year, and for every “year” late, you get an additional 10 percent penalty on Part B coverage. Do you already have creditable prescription drug coverage?
Everyone with Medicare receives a “red-white-and-blue” Medicare card. In 2016 the limit goes up to $3,310.
You also need to know that Medicare’s “donut-hole”-the coverage gap in which you must pay out-of-pocket for your drugs-continues to shrink”. To be eligible your income has to be less than $17,505 if single and $23,595 if married and you have a limited amount of savings. Can you get your prescriptions by mail?
To qualify for Extra Help you must reside in one of the 50 states or the District of Columbia.
Boomer: Where can you find more information about Medicare’s annual open enrollment? Medicare’s comprehensive “Medicare & You 2016” publication will be available on e-devices as well as hard copy.
Boomer: Does the Affordable Care Act have any impact on my Medicare plans?
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Travel: Will the plan cover you if you travel to another state? For those folks, you should enroll in Medicare or maintain your employer sponsored plan.
