{"id":30011,"date":"2023-10-27T09:44:41","date_gmt":"2023-10-27T09:44:41","guid":{"rendered":"https:\/\/microloannexus.com\/personal-finance\/deadline-for-medicare-open-enrollment-is-coming-up-what-you-need-to-know-to-make-it-easy\/"},"modified":"2023-10-27T09:44:43","modified_gmt":"2023-10-27T09:44:43","slug":"deadline-for-medicare-open-enrollment-is-coming-up-what-you-need-to-know-to-make-it-easy","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=30011","title":{"rendered":"Deadline for Medicare Open Enrollment is coming up. What you need to know to make it easy"},"content":{"rendered":"
\n

Medicare open enrollment season is here\u00a0through December 7, but with a\u00a0record 4,000\u00a0health care\u00a0options available to seniors, choosing the right one can feel overwhelming.<\/p>\n

Nearly three-quarters (72%) of 1,260\u00a0adults in a\u00a0survey\u00a0by insurance company Nationwide said they wish they understood Medicare coverage better.\u00a0More than 70% couldn’t correctly answer basic questions about Medicare, such as what it covers, how Medicare Part B works, and cost considerations for different Medicare plans. They also sharply underestimated the average cost of health care in retirement, putting it at $55,343 when the actual cost last year was almost triple that at $172,500 for an individual, it said.<\/p>\n

With so much at stake, a recent survey by financial services firm Voya still showed that 7 out of 10 people would rather go to the dentist, get their car serviced, or prepare their taxes.<\/p>\n

To help\u00a0the more than 65 million Americans\u00a0on Medicare\u00a0weigh their options and decide whether to change or keep their current plans, experts offer advice to get you on the right path. First, know the difference between Medicare and Medicare Advantage, experts say. That\u2019s explained below, followed by\u00a0their top tips to ensure you have the best plan to suit your budget and your health needs.<\/p>\n

Medicare open enrollment dates?<\/h2>\n

Every year, Medicare\u2019s open enrollment is\u00a0October 15 – December 7.<\/p>\n

What are the 3 types of\u00a0Medicare?<\/h2>\n

Original, or traditional, Medicare gives you access to any doctor or hospital that takes Medicare in the U.S. and usually doesn\u2019t require a referral to see a specialist. It\u2019s\u00a0comprised of three parts:<\/p>\n

\n
<\/div>\n<\/div>\n

\u25fe Medicare Part A<\/strong> is included and covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care<\/p>\n

\u25fe Medicare Part B<\/strong> is included and covers certain doctors’ services, outpatient care, medical supplies, and preventive services.\u00a0In 2024, the standard monthly\u00a0premium for Medicare Part B\u00a0enrollees will be $174.70, with an annual deductible of $240.<\/p>\n

\u25fe\u00a0\u00a0Medicare Part D<\/strong>\u00a0is an optional, separate\u00a0prescription drug\u00a0plan that you must choose and pay for as soon as you start receiving Medicare. If you wait, you may have to pay more. <\/p>\n

Aside from those, you also have the option to buy supplemental coverage (also called Medigap)\u00a0from a private insurer within six months of having Medicare Part B\u00a0if you\u2019re 65 or older. This coverage helps pay your out-of-pocket costs in Original Medicare (like your 20% coinsurance). The supplement is a one-time enrollment, and if you don\u2019t buy it within this window, you may not be able to add it later, or you’ll have to pay more for it.<\/p>\n

What is Medicare Advantage?<\/h2>\n

Medicare Advantage, also known as Part C, is a \u201cbundled\u201d\u00a0plan that includes Part A, Part B, and usually Part D, and is administered by private insurers.\u00a0Enrollees must pay the monthly Part B premium plus\u00a0any plan premium.<\/p>\n

You may\u00a0have lower out-of-pocket costs and receive eye, dental, hearing, gym services but you must see doctors within the plan\u2019s network, may have to get referrals for specialists that can delay your care, and pay more for out-of-network services.<\/p>\n

Everyone pays Part B: <\/strong>Medicare Part B premiums for 2024 will cost more: Here’s how much you’ll pay<\/span><\/p>\n

What should I consider during Medicare open enrollment?<\/h2>\n

Drugs.<\/strong>\u00a0As one of the top expenses for seniors, \u201cmedication dictates plan and doctors \u2013 everything,\u201d said benefits and financial advisor Wilson Coffman, president of\u00a0Coffman\u00a0Retirement Group. To get this right, create a profile at Medicare.gov and enter the drugs and pharmacies you use to compare prices. Since companies\u00a0constantly\u00a0<\/em>change drug coverage, this step is crucial every year to save money, he said. Companies even make changes during the coverage year so open any mail you receive from them. By law, they must send you three notices of the change, he said.<\/p>\n

Doctors.<\/strong>\u00a0If you\u2019re enrolled in Medicare Advantage, you must check every year that your doctors are in network. They get paid less for Medicare patients and sometimes drop out, Coffman said. <\/p>\n

Costs.\u00a0<\/strong>Everyone must pay the monthly Medicare Part B premium, whether you\u2019re on traditional Medicare or Medicare Advantage. Traditional Medicare allows you to pay extra for a Part D drug plan and Medigap Plan G that covers certain expenses such as coinsurance, copayments and deductibles that aren’t covered under Medicare Part A and Part B. If you get the supplements, original Medicare premiums can easily outpace those of the Medicare Advantage plan premiums. However, some of those initial savings can evaporate quickly with a lot of out-of-pocket costs if you need any serious medical care, Coffman warns.<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/figure>\n

Where can I find Medicare help?<\/h2>\n

Contact\u00a0the Centers for Medicare & Medicaid Services,\u00a0your local\u00a0State Health Insurance Assistance Program,\u00a0or a\u00a0broker\u00a0and ask questions and see what they recommend. Be prepared with your drug information and list of doctors you see.<\/p>\n

If you have a Medicare Advantage plan, you’ll have one last chance to switch plans from Jan. 1 through March 31 during the\u00a0Medicare Advantage open enrollment\u00a0period.<\/p>\n

Some financial advisers also provide free talks to help people separate the wheat from the chaff. Tim Davis, wealth manager at Davis Executive Wealth Management Group in Boston, said he hosts\u00a0free webinars,\u00a0for example, with time for questions.<\/p>\n

After choosing your Medicare plan, Davis said you should take another step while you\u2019re focused on health care and look at\u00a0long-term plans. Medicare only pays for short-term acute\u00a0care, typically for\u00a0injuries, illnesses, urgent and emergency needs, and for recovery or rehabilitation after surgery. But most people will need some sort of long-term plan.<\/p>\n

Someone turning age 65 today has almost a\u00a070% chance\u00a0of needing some type of\u00a0long-term care services\u00a0and support in their remaining years, according to the government agency Administration for Community Living.<\/p>\n

Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com\u00a0and subscribe to our free\u00a0Daily Money newsletter\u00a0for personal finance tips and business news every Monday through Friday.<\/em><\/p>\n

This article originally appeared on USA TODAY: Medicare open enrollment dates, tips: focus on drugs and doctors<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Medicare open enrollment season is here\u00a0through December 7, but with a\u00a0record 4,000\u00a0health care\u00a0options available to seniors, choosing the right one can feel overwhelming. Nearly three-quarters (72%) of 1,260\u00a0adults in a\u00a0survey\u00a0by insurance company Nationwide said they wish they understood Medicare coverage better.\u00a0More than 70% couldn’t correctly answer basic questions about Medicare, such as what it covers,<\/p>\n","protected":false},"author":1,"featured_media":30012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[32],"class_list":{"0":"post-30011","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-featured"},"yoast_head":"\nDeadline for Medicare Open Enrollment is coming up. 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