Have you been hit with a sudden surge of information on Medicare? You're not alone. We're about to enter into Medicare's AEP (Annual Enrolment Period) - also known as Open Enrollment.
This is the time of year set aside to change Medicare Advantage (Part C) plans as well as Drug Plans (Part D).
Because your healthcare - and finances - will be affected by the decisions you make you will want to do a bit of research on the plans you are considering.
1) Make sure you understand the difference between an HMO & PPO
2) If choosing an HMO make sure ALL of your doctors accept that plan (are in network).
3) If you feel strongly about using - or not using specific hospitals, check to see which ones are in your network.
4) Check the plan's formulary to make sure ALL of your prescriptions are covered and are coming in at reasonable prices.
5) Be sure you know what YOUR Maximum out of Pocket Expense is for the year - that is the most you will be financially responsible for. Make sure it's an amount that is reasonable for you.
6) If you need dental coverage (some plans offer minor amounts) check to see if there is a ryder you can add for extra dental coverage. Be sure to run the numbers to make sure it makes sense, but by in large, most Medicare Advantage dental ryders are fairly reasonable and provide coverage that may be more expensive with individual dental plans.
7) DON'T get distracted by the shiny objects, bells and whistles that come with Advantage plans. They may be nice, but docs who are in your network are much nicer and low Maximum out of Pocket expenses are always a relief when something happens.
If you have any questions don't hesitate to reach out to me. I'm standing by to help!
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