Wow, this is our first blog post with a 2015 date…
How time flies!
This time next week, the new open enrollment period begins
for those eligible for Medicare, and runs through Dec. 07, 2014.
This week’s John & Rusty article does a marvelous
job of laying out the differences between the different
Since “There is an average of 29 drug plans to digest, and
about 18 options for Medicare Advantage, the plans delivered
through private insurers. Then there are the 10 supplemental
plans that cover what traditional Medicare does not…The choices
can be paralyzing.”
“While no broad-based changes are expected, there could be meaningful shifts within individual plans.”
* Maybe your Part D prescription plan will no longer pay for one of your drugs; or
* Perhaps you started a new medication that it does not cover; or
* Perhaps your Medicare Advantage plan dropped your favorite doctor; or
* Even worse, a cancer treatment center is no longer part of your network.
Here are some ideas on how to approach the decision-making process
(as described more fully in the article):
* Part A covers hospital and skilled nursing facility stays, as well as
some home health visits and hospice care.
* Part B covers preventive care, doctor visits and outpatient services.
* Premiums, for most retirees, were $104.90 a month last year and
are projected to be the same in 2015.
* Most people buy supplemental coverage, known as Medigap, to cover
out-of-pocket costs on Parts A and B…with 10 plan levels that are
labeled with letters from A to N, is federally standardized coverage,
which means coverage must be exactly the same across insurers.
* People lucky enough to have retiree employer coverage rely on that instead.
* Medicare Part D, which is offered only through private insurers, covers drugs.
The average monthly premium for such plans is estimated at $32 in 2015,
according to the Centers for Medicare and Medicaid Services…[You’ll need to]
Go to the Medicare website’s Plan Finder, where you can enter your drugs,
the dosage and frequency, as well as where you like to buy them. It will then
show you what the plans cover and your total estimated costs for the year.
* Alternatively, you can just buy a Medicare Advantage plan from a private
insurer (like Geldin), also referred to as Part C. It can serve as a
one-stop shop because it covers Parts A, B and often a drug plan — and
sometimes throws in extras like dental and vision coverage. Average
monthly premiums for Advantage plans are estimated to rise to $33.90,
a $2.94 increase, in 2015, according to the Centers for Medicare and
Medicaid Services. (You pay that in addition to the Part B premium)…Nearly
16 million people, or 30% of all Medicare beneficiaries, enroll in a
Medicare Advantage plan. Most people are attracted by the plans’ enticingly
low and sometimes zero premiums and, for certain services, low co-payments.
Please don’t stay in a plan just because you’re overwhelmed with the choices.
We have experts on hand ready to help.
Please call our office at 877.789.5831 or complete the confidential form below
and one of our Medicare experts will help you right away!