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Resources Help Seniors Prepare For Medicare Annual Election Period

Medicare’s Annual Enrollment Period (AEP), often referred to as open enrollment, begins on October 15 each year.

Each year, health and drug insurance plans may change the costs (premiums), the coverage provided, and the providers and pharmacies in their networks. And AEP is when millions of people with Medicare can typically change their Medicare health plans and prescription drug coverage for the following year.

Here are some tips to help consumers find the best plan options and the best costs.

Some 22 million people are covered by a Medicare Advantage plan. This represents approximately one-third of the total Medicare-eligible population. In some states like California and Oregon, as many as 40-42% of all Medicare-eligible people have a Medicare Advantage plan. In Alaska it’s only one percent and only three percent in Wyoming.

Many Medicare Advantage plans today offer zero plan cost and multiple additional benefits, which sounds great. However, they can have a high deductible which can cost you thousands of dollars if you have to stay in the hospital.

If you are choosing a Medicare Advantage plan or considering switching during AEP, it is important to understand the full package and the potential costs you may face.

Some 15 million people have chosen a Medicare Supplement insurance plan, also commonly known as Medigap. These plans offer a variety of options, identified by letters of the alphabet, such as A, C, G, and N.

According to the American Association for Medicare Supplement Insurance’s 2020 Medicare Price Index, there can be a wide variation for Medigap insurance prices. The AAMSI index is a valuable resource for consumers looking for the lowest and highest prices for nearly 100 major cities in the United States. Cost differences for Medigap Plan G, the most common choice for seniors over 65, can be significant. In Atlanta, one of the cities cited, a 65-year-old woman can pay as little as $102 per month or as much as $244 per month for virtually identical Plan G insurance coverage.

Another important thing to know is that some packages offer household discounts. Potential savings can reach 14%. For those considering Medigap plan coverage, ask for the company’s history of premium rate increases. This can be a valuable indication of what one might expect down the road.

The Medicare.gov website is an exceptional resource for consumers. However, experts note that navigating can be overwhelming and there are important things the government isn’t telling you. The AAMSI website has 18 things every consumer should know that the Medicare.gov website might not explain clearly.

Some of the best sources of information are local insurance agents who specialize in helping seniors compare plan options and prices. The best will know which health and medical professionals are involved in the different programs and what other residents in the area have to say about the particular plan.

A directory of Medicare insurance agents is available online. Unlike other websites that seek to collect your information for future marketing, this directory is available for free and completely private.

Medicare’s annual AEP lasts only a few weeks and ends on December 7. With some 61 million Americans under Medicare, it is important to act early in the period. Waiting could be a costly mistake.

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