5 reasons to not ignore Medicare Open Enrollment

Maine’s approximately 280,000 Medicare beneficiaries already know that Open Enrollment — the annual opportunity to make changes to their Medicare coverage — runs from Oct. 15 through Dec. 7. They know because they’re getting barraged with official information from the Medicare program, including the comprehensive 2016 “Medicare and You” handbook, as well as advertisements and inducements from the private pharmaceutical and insurance companies that manage some beneficiaries’ plans.

Despite all the noise, or perhaps because of it, too many Mainers ignore this important opportunity to tune up their coverage and potentially save money in the process, according to insurance educator Lee White of Eastern Area Agency on Aging (EAAA) in Bangor.

If the opportunity is missed, in most cases they’ll have to wait a full year to make changes.

“Please, every year, look at your plan,” White urged. “You can save a bucketload of money by choosing the right plan.”

EAAA and its sister agencies in other parts of the state offer over-the-phone and in-person consultations to help Mainers sort through their options. White said Medicare experts at EAAA saved enrollees over $50,000 in just the first two weeks of Open Enrollment by helping them adjust their plans.

Here are five reasons to revisit your Medicare plan right now:

1. Your basic plan, Parts A and B, may have changed. Medicare Part A, which covers hospital stays, and Part B, which covers outpatient care, make frequent changes, including the cost of copays and services covered. Medicare Part A is free, but Part B costs about $104 per month, with a surcharge for higher-income seniors.
2. Your supplemental plan may have changed. Sometimes called “Medigap,” this private insurance helps pay for the “gaps” in traditional Medicare coverage, such as copayments at a doctor’s office and hospital costs not covered by Medicare Part A. There are 10 different supplemental plan options available; in Maine, the most popular option costs about $190 per month.
3. Your prescription plan, Part D, may have changed. Prescription plans are allowed to change the list of drugs they cover from one year to the next, along with their prices. There are 27 different drug plans available in Maine, each covering different drugs and requiring different copayments. The average cost of Plan D in Maine is about $49 per month, but rates vary widely.
4. Your Medicare Advantage plan, Part C, may have changed. Medicare Advantage is a one-stop-shopping option that rolls hospital, medical, supplementary and drug coverage into a single plan, managed by a private health insurer. Monthly premiums are generally lower, but out-of-pocket spending may run higher for services and medications. About 66,000 Mainers are enrolled in Medicare Advantage plans. Costs vary widely depending on coverage.
5. Your health status may have changed. Some plans are well-suited to people who are generally healthy and make little use of the health care system, while others offer better coverage for chronic disease management, ongoing prescription use and frequent medical care.

Maine’s Agencies on Aging offer both telephone and in-person consultation to help Mainers understand their choices; reach the closest agency by calling 877-353-3771. The Medicare program provides Open Enrollment support and information by phone at 800-MEDICARE or 800-633-4227 and online at Medicare.gov.