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Medicareresources.org offers insights, consumer tips for comparing coverage during Medicare open enrollment, which ends Dec. 7
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Minneapolis – Enrollment in Medicare Advantage plans continues to rise, and medicareresources.org today offers insights into the growing popularity of the plans and tips for choosing coverage during Medicare open enrollment.
Medicare open enrollment – also known as the annual election period – is currently underway and closes Dec. 7.
“Medicare Advantage plans are growing in popularity because they are very good at communicating with consumers and offering benefits like dental, vision and hearing care that attract interest,” said Jenny Chumbley Hogue, an analyst for medicareresources.org. “Ultimately, the choice is one that deserves careful consideration each year. A plan that appears attractive at first glance could end up costing you more down the road if it’s not the right plan for your needs. The devil is always in the details.”
In 2022, 28.4 million Americans were enrolled in Medicare Advantage plans – 48% of all Medicare beneficiaries. That’s more than double the percentage enrolled in 2007. The Congressional Budget Office projects that by 2032, 61% of Medicare beneficiaries will be enrolled in Medicare Advantage plans.
During Medicare open enrollment, Medicare beneficiaries who are already enrolled in Medicare coverage have a handful of decisions regarding their coverage. Options include:
“As with many consumer decisions, there are trade-offs depending on which option you choose,” said Chumbley Hogue. “Advantage plans tend to have a more limited provider network, and coverage for specific services may not be as robust as you can get with Original Medicare plus supplemental coverage. But Advantage plans also tend to be less expensive.
“On the other hand, if you are enrolled in Original Medicare and have supplemental coverage through Medigap and a stand-alone Part D drug coverage, that could end up saving you money in the long run if you develop a serious or chronic health condition. It’s important to know your options and to make a thoughtful selection.”
Consumers should also consider their ability to change their Medicare coverage later on.
“If the ability to easily switch back and forth among plans is important to you, a Medicare Advantage plan offers that flexibility,” Chumbley Hogue says. “On the other hand, your ability to switch from Medicare Advantage altogether (and enroll in Original Medicare plus Medigap) could be hindered by your medical history. That’s because enrollees who have had Medicare Advantage coverage for more than a year no longer have guaranteed issue for Medigap coverage.”
There are also special considerations that may impact your plan selection. People with certain health conditions or applicants with low incomes may be eligible for special types of Medicare Advantage plans. That may be a factor as you compare the costs and benefits of Medicare Advantage and Original Medicare.
If you are under 65 and eligible for Medicare due to a disability, you can enroll in any Medicare Advantage plan that’s available in your area. If you select Original Medicare instead, you may or may not have access to Medigap coverage, as eligibility rules vary considerably from one state to another.
But once you turn 65, you’ll have an opportunity to select from among any of the available Medigap plans during your initial enrollment period (IEP). During your IEP, Medigap coverage is guaranteed issue.
Medicareresources.org also encourages consumers who are enrolled in a Medicare Advantage plan to evaluate their coverage each year to ensure they have a plan that still meets their needs.
“As with all private health insurance plans, offerings change from year to year, and from area to area,” Chumbley Hogue says. “Insurance carriers may enter or exit different markets. They may also adjust plan costs, their provider network, covered prescriptions or their covered benefits.”
“You really need to pay close attention to the details when you’re assessing Medicare Advantage plans,” said Chumbley Hogue. “Read the fine print, and reassess your plan each year to make sure you understand your plan costs and your plan benefits. Just because a plan was a good fit when you first selected it, it doesn’t mean it will continue to be a good fit. Plans change all of the time, and so do our health needs. This is not a one-and-done process.”
You can find additional information about Medicare open enrollment in the Medicare Open Enrollment 2023 Guide.
Medicareresources.org is one of the longest running online sources of in-depth information about Medicare. The site provides an overview of the basics of Medicare coverage options enrollment and eligibility; coverage FAQs; state-specific Medicare information; and a glossary of Medicare terms.The medicareresources.org website is owned and operated by Healthinsurance.org, LLC.
Amy Fletcher Faircloth, [email protected]