Taking the Dread Out of Medicare Open Enrollment
October 16, 2023 | Resources
It’s October, which means all things spooky and scary! For many, that includes Medicare Open Enrollment, which starts Oct. 15 and runs through Dec. 7 and will impact 2024 healthcare coverage. Starting or renewing Medicare coverage doesn’t need to be a frightening experience. It is the opportunity to make sure your health benefits fit your needs.
What is Medicare Open Enrollment?
Each year Medicare health and drug plans make changes; they update costs, what is covered, and which providers are still part of the network, or plan. These changed plans are shared beginning in October. Individuals using Medicare can update their health plans and/or prescription drug during open enrollment for the upcoming new year.
Medicare is divided into two sections, each with two separate parts.
- Original Medicare is provided by the federal government and consists of Parts A and B.
- Part A is hospital insurance, and there is no premium cost if you’ve paid payroll taxes for at least 10 years.
- Part B is medical insurance similar to private health insurance; there are copays and deductibles as well as a premium which is tied to income and starts at $164.90 for 2023.
- Additional or Supplemental Medicare is extra coverage you can buy to help cover healthcare costs not included in Original Medical.
- Part D is an optional prescription drug plan to offset prescription prices and is offered through private companies.
- Part C is often referred to as Medicare Advantage; this private insurer plan frequently combines Parts A, B, and D in one cohesive plan and may also offer vision, dental, and hearing benefits as well.
How do I Navigate Medicare Open Enrollment?
Because Medicare Open Enrollment can seem overwhelming, here is a quick checklist to help you review and renew your coverage. You can also find detailed information in the official handbook called “Medicare & You.”
- Review your current coverage to know what you have and what you may be missing.
- Compare plans available where you live and learn what they offer. You can do this at Medicare.gov.
- If you want, you can connect with a local State Health Insurance Assistance Program guide for personalized, trusted assistance.
- Confirm that your preferred selected plan meets your needs by checking that:
- Your doctors are included within the network, especially your primary care provider.
- Your prescriptions are covered, reviewing any eligibility requirements.
- The expected costs fit within your budget; don’t forget out-of-pocket costs like copays and deductibles.
- Anticipated healthcare needs, such as surgeries and specialist appointments, are included.
- Other benefits you have (for example, retirement plans) will work with the selected plan.
- If applicable, you will maintain coverage if you travel or live elsewhere for part of the year.
- CMS has a helpful handout titled Things to Consider When Choosing a Medicare Plan with other details to look at.
- Join your plan on the provider’s website by completing the provider’s paperwork and returning it, or by calling 1-800-MEDICARE (1-800-633-4227); TTY users can call 1-877-486-2048.
Completing Medicare Open Enrollment is critical to ensuring you have the healthcare you want and deserve. Get cozy on the couch and start working on it early so you don’t panic when the deadline rolls around. Let the costumed kids be the only scared ones this fall.
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Sources: CMS.gov; Humana; SHIP; National Council on Aging.
