Don't just auto-renew if you buy a Medicare Part D policy - The Dallas Morning News

Medicare is typically a set-it-and-forget-it rite of passage at age 65. After enrolling and choosing supplementary coverage, people tend to let it auto-renew every year.

A study by the Kaiser Family Foundation found that barely one in 10 Medicare enrollees who pays for a Part D supplementary policy to cover prescription drug costs makes a switch. But among those who did bother to shop around, half were able to reduce their annual premium by at least 5%.

An analysis by Q1Medicare of Medicare Part D plans hints at good news in 2020: Average monthly premiums will drop more than 10%. But that’s for all plans that are offered; when you drill down into the plans that people currently own, the estimate is that nearly six in 10 Part D enrollees will face a premium increase in 2020, around $8 a month if they sit tight.

That's just the premium. Copays and coinsurance costs change every year. Not just for supplemental drug coverage, but also for the out-of-pocket costs an enrollee pays for doctor visits, hospitalization and tests.

While reviewing coverage and comparison shopping can lead to cost savings, the maddening complexity can make it a non-starter for many enrollees.

Medicare’s open enrollment period runs until Dec. 7. Texans in Medicare’s traditional fee-for-service program who want to add or change their prescription drug coverage can choose from 30 Part D drug plans with monthly premiums ranging from $13.10 to $147.20.

There are two main ways to get drug coverage when you’re on Medicare.

1. Original Medicare plus Medigap and Medicare Part D: Original Medicare has two elements. Medicare Part A covers in-hospital care and limited skilled nursing care. There is typically no monthly premium, though there is an annual deductible ($1,364 in 2019) and co-insurance costs for hospitalization of more than 60 days. Part B covers doctors’ visits, procedures, tests and equipment. The standard monthly premium is $135.50 and is typically deducted from Social Security benefits, and enrollees typically pay 20% of their bills out of pocket. (Higher-income households pay a higher premium.)

To pay for the out-of-pocket costs not covered by Parts A and B, enrollees typically rely on a supplemental policy offered through a former employer, or purchase their own Medigap supplemental policy from a private insurer. An additional supplemental policy, called Medicare Part D, provides coverage for prescription drug costs.

hidden ad unit

{"unitName":"dfpPosition1","display":"mobile","isMobile":false}

A key benefit of Original Medicare is that you can go to any doctor who accepts Medicare patients. These plans do not provide eye or dental care.

2. Medicare Advantage: This is an all-in-one package offered by private insurers that covers Medicare Part A and B and typically includes drug coverage as well. Medicare Advantage Plans can also provide eye and dental care. Medicare Advantage plans typically operate like HMOs. Enrollees are limited to a network of doctors who work with the plan and must get preapproval for care.

About two-thirds of enrollees choose Original Medicare, though Medicare Advantage has been growing.

At medicare.gov, the Medicare Plan Finder can pull up plans offered in your ZIP code. If an enrollee registers (it’s free), the finder will pull up your current coverage, including medications, making comparison shopping even easier. The tool has recently been revamped to be more consumer friendly, but it’s still a work in progress and was criticized for showing the lowest premiums instead of total out-of-pocket costs. To get a better idea of total costs, enter the medications you take and sort by “lowest drug + premium cost.”

Each state offers a team of counselors who help enrollees sort through their options; the service is free. Contact your state’s health insurance assistance program to schedule an appointment. The Medicare Rights Center, a nonprofit consumer advocacy organization, has online tools and a help line at 800-333-4114 to help families navigate Medicare decisions.

Staff writer Laura Jacobus contributed to this report.

Let's block ads! (Why?)

"auto" - Google News
November 26, 2019 at 08:05PM
https://ift.tt/2OL1wFx

Don't just auto-renew if you buy a Medicare Part D policy - The Dallas Morning News
"auto" - Google News
https://ift.tt/2Xb9Q5a
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini