Money saving tips on how to choose a Medicare plan
Choosing a Medicare plan is one of the most important decisions a person can make not only for their well-being, but also for their wallet. There is no one-size-fits-all approach when shopping for coverage, so seniors should know about the options available to them and what different Medicare plans can offer.
There are more than 58 million people eligible for Medicare, and Medicare Open Enrollment ends on Dec. 7. Now is the time to learn more about how to select the right Medicare plan for you.
Chris Abbott, a health plan CEO at UnitedHealthcare Medicare & Retirement, can share with your viewers and listeners tips on how to make the best choices about their Medicare coverage. UnitedHealthcare, the nation’s largest business dedicated to the health and well-being needs of seniors and other beneficiaries, serves one in five Medicare beneficiaries.
Medicare Open Enrollment
- Ends Dec. 7
- Why It Matters:
- Opportunity to make changes to your Medicare coverage
- Health status, budget and plans can change each year
Shopping for Medicare: Key Questions to Consider
- Is the plan a good fit for your budget?
- Are your medications covered?
- Is hearing, dental and vision care coverage important to you?
Medicare Advantage: Why So Popular?
- Enrollment has grown almost 50% over the past five years
- Factors Driving Medicare Advantage Enrollment Growth:
- Convenience of combining all coverage into one plan
- Benefits that Original Medicare doesn’t cover
- Prescription drug coverage usually included
- Maximum out-of-pocket limit
- For seniors and other people enrolled in Medicare, the open enrollment deadline is Dec. 7. Why is open enrollment so important?
- Choosing a Medicare plan is one of the most important decisions a person can make not only for their well-being, but also for their wallet.
- For most people, this is their only chance to make changes to their Medicare coverage for next year.
- If they don’t make an enrollment decision, they’ll be locked into their current plan next year. If anything has changed this year, either with their current plan, health status or budget, that decision to do nothing could lead to unpleasant surprises or missed cost-savings in 2018.
- There is no one-size-fits-all approach when shopping for coverage, so people should know about the options available to them and what different Medicare plans can offer.
- Medicare Open Enrollment can be confusing for a lot of folks. What advice can you offer to help make the process of choosing a plan easier for people?
- We conducted a survey this year to gauge people’s understanding of Medicare and found that almost 40 percent of beneficiaries found the program confusing so you aren’t alone!
- To make shopping for Medicare coverage easier, consider the following:
- Check if your current coverage is still meeting your needs, and see if your benefits will change next year.
- Determine if the plan is a good fit for your budget. Pay attention to more than just the monthly premium. You should also understand the other out-of-pocket costs, including the deductible, copays and coinsurance.
- Make sure your medications are covered. Even if you don’t expect to change plans, it’s important to make sure your drugs will still be covered next year. Remember, costs can change from year to year as well.
- Confirm your preferred doctors and hospitals are available through the plan you’re considering.
- Don’t forget about dental, vision and other additional benefits.
- For people on Medicare, many are surprised to find that Original Medicare doesn’t cover prescription drugs and most dental, vision and hearing services. But many Medicare Advantage plans do.
- Take advantage of wellness programs. Many people are surprised to learn that their plan offers benefits, programs and resources, like gym memberships at no additional cost, which can support them in their efforts to live a healthy life.
- Medicare Advantage is one of the options people can consider, and I understand it has experienced rapid growth in enrollment over the past few years. What is Medicare Advantage and what is driving that growth?
- Medicare Advantage, which is also called Part C, combines Parts A and B into one plan offered by private insurance companies.
- Medicare Advantage enrollment has grown nearly 50 percent over the last five years and now includes about one-third of all Medicare beneficiaries.
- What makes Medicare Advantage appealing to so many people is the value and simplicity it offers.
- It provides the convenience of combining all your coverage into one plan so you have just one card to carry in your wallet and one company to work with.
- Additional benefits and services that Original Medicare doesn’t cover (vision, hearing and dental care, gym memberships, disease management programs, 24/7 access to health care professionals, etc.).
- Prescription drug coverage is included in most plans.
- Unlike Original Medicare, Medicare Advantage plans have a maximum out-of-pocket limit, so you know that even if something unexpected happens, your costs are capped.
People are obviously facing some pretty important decisions about their Medicare coverage in the weeks ahead. What are some resources they should be aware of if they’re looking for help or support as they make their decisions?
- People should remember that the Medicare Open Enrollment deadline is Dec. 7. Fortunately, there are a lot of great resources out there to make the process of choosing a plan easier:
- Resources to Help with Medicare Open Enrollment
- UHCMedicarePlans.com or 1-800-UHC-6509 (TTY: 711)
- MedicareMadeClear.com
“This information is not a complete description of benefits. Contact the plan for more information. Limitations, co-payments, and restrictions may apply. Benefits, premiums and/or co-payments/co-insurance may change on January 1 of each year.”
SEGMENT IS SPONSORED BY UNITEDHEALTHCARE