People who experience the Medicare Annual Enrollment season for the first time tend to take on unnecessary stress. Texans are concerned that they could lose their jobs or not have enough money for retirement and are worried about experiencing a personal healthcare crisis.
If you are already on a plan there is no federal law that requires you to change your Medicare coverage, so you do not have to change your Medicare plan that you have already enrolled in.
Whether you are new to Medicare, or need help simplifying your options to make an informed choice, below are some tips to help guide you through the Medicare Annual Enrollment Period:
- Know what is covered by Original Medicare, as well as what isn’t. What your Medicare Part A (in-patient hospital) deductible and Medicare Part B (medical) is what pays 80% of approved charges while you pay 20%. Medicare Part B has a once-a-year deductible with a monthly premium that is income dependent. Plans like a Medicare Supplement and Medicare Advantage Plan help to cover the 20% gap with some of which offering extra benefits such as: dental, hearing, vision, or fitness memberships.
- Learn your Medicare ABC & D’s! Part A is in-patient hospital coverage. Part B is for medical & outpatient coverage such as operations, doctor visits, outpatient surgery at doctor offices, X-rays, durable medical equipment, MRIs, etc. Part C is Medicare Advantage plans that combine both Part A & B benefits some of which include Medicare Part D prescription drug benefits. Part D is for prescription drugs both stand-alone plans, and Medicare Advantage Plans with Part D, that fall under the infamous “donut hole”.
- Remember that all of these plans are very different. Plans and benefits differ between various companies and even county by county. Make sure the appropriate research is done before choosing a plan, especially if moving locations is in your future.
- If you are already enrolled in a plan thoroughly read your Annual Notice Of Change that your plan mails to you, so you are aware of any changes in the coming year.
- Don’t choose a plan based solely only the cost of the premium. Make sure there aren’t things such as hidden copays, deductibles, or other fees that will end up burning a hole in your pocket.
Visit us online at: https://ashfordinsurancegroup.com/ .
In order to schedule a personal meeting, or to have your various Medicare Insurance questions answered, please contact Sonia Ashford at Sonia@ashfordinsurancegroup.com or feel free to call: 817-952-3153.
Photo by Andrea Piacquadio
