Medicare Open Enrollment is here. If you are a Medicare
beneficiary now is the time to review and possibly make changes for your
2016 health insurance. Open enrollment is from October 15 through December 7.
That is the period of time you are able to make changes to your
plan. The new plan you choose will be effective January 1, 2016.
Basic choices for Medicare include:
Supplemental or Medigap plans
These are plans that work with the original Medicare A and B.
In addition to the Supplemental/Medigap plan you will need a Medicare
Part D, which is a prescription drug plan. There are
about one dozen Supplemental/ Medigap plans to choose from.
Supplemental/Medigap plans are not mandatory; they help pay for the gaps
in Medicare such as deductibles, coinsurance and excess charges. Part D
plans are mandatory.
Medicare Advantage Plans
These plans are offered by private insurance companies. You are
still in the Medicare system and need to pay your Medicare Part B
premium; all of your Medical care and prescriptions are covered by this
insurance plan. These plans include HMOs (Health Maintenance
Organizations) which are network-based plans or PPOs (Preferred Provider
Organizations) which allows you to go in and out of the network.
Costs and benefits for these plans vary. It is advised that you meet with a health insurance professional to review your options and choose the best plan for you.
Please contact us should you have any questions or if you would like us to provide a referral to you.
