LevonP
11-24-2008, 10:00 AM
Medicare recipients should be aware of the tsunami of health care information that will flood their television screens, radios and mailboxes beginning this month.
From Nov. 15 through Dec. 31, Medicare-eligible beneficiaries have the opportunity to manage costs by signing up or switching their current coverage in Medicare prescription drug plans and Medicare Advantage plans. During this time, Medicare beneficiaries may either enroll in or switch plans. A more restrictive open enrollment period for Medicare Advantage plans runs from Jan. 1 to March 31. In today’s economy, seniors on a budget are looking to save money, especially when it comes to federal health care and prescription drug plans.
There is a process to selecting the right plan for you. Look for your Annual Notice of Change advising you about upcoming company-mandated changes to your existing plan. If your plan is changing, review it carefully so you can make informed decisions on enrolling in the plan which best meets your health care needs.
There are four parts to Medicare. Part A includes hospital coverage. Part B provides coverage for doctor visits. Part C is a Medicare Advantage plan, which means Medicare pays a private insurance company to provide and administer your Medicare and your plan’s benefits. Part D is prescription drug coverage.
When choosing Medicare coverage, consider the following:
→ Compare. Your health, finances or coverage may have changed since last year. Compare your current plan with other available coverage options to see if there is a better choice.
→ Cost. How much are your current premiums and deductibles? How much will you pay for hospital stays or doctor visits?
→ Doctor and hospital choice. Do your current doctors accept the coverage? Are they accepting new patients? If considering a Medicare Advantage PPO or HMO plan, are you required to choose your hospital and health care providers from a network? Do you need a referral to see a specialist? If you are choosing a Private Fee-For-Service Plan, you must make sure your provider will accept your plan. If not, you will need to choose a provider that does accept your plan.
→ Prescription drugs. What are your prescription drug needs? Do you need to join a Medicare drug plan? What will your prescription drugs cost under each plan and does each plan provide coverage in the "donut hole”? Are your drugs covered under the plan’s formulary (drug list)? Check each plan’s formulary coverage carefully before you select.
→ Quality. Quality of care and service varies among plans. Make sure your idea of quality care matches what the provider is offering.
→ Convenience. Where are doctors’ offices located? What are their office hours? Which pharmacies are available and nearby?
→ Travel. Are you covered when traveling to other states or countries?
There are many excellent insurance agents in the market who can also help with questions. With so many choices available to Medicare beneficiaries, make sure you are educated on the subject and understand your options.
Carpenter is chief executive officer of Heritage Health Systems.
From Nov. 15 through Dec. 31, Medicare-eligible beneficiaries have the opportunity to manage costs by signing up or switching their current coverage in Medicare prescription drug plans and Medicare Advantage plans. During this time, Medicare beneficiaries may either enroll in or switch plans. A more restrictive open enrollment period for Medicare Advantage plans runs from Jan. 1 to March 31. In today’s economy, seniors on a budget are looking to save money, especially when it comes to federal health care and prescription drug plans.
There is a process to selecting the right plan for you. Look for your Annual Notice of Change advising you about upcoming company-mandated changes to your existing plan. If your plan is changing, review it carefully so you can make informed decisions on enrolling in the plan which best meets your health care needs.
There are four parts to Medicare. Part A includes hospital coverage. Part B provides coverage for doctor visits. Part C is a Medicare Advantage plan, which means Medicare pays a private insurance company to provide and administer your Medicare and your plan’s benefits. Part D is prescription drug coverage.
When choosing Medicare coverage, consider the following:
→ Compare. Your health, finances or coverage may have changed since last year. Compare your current plan with other available coverage options to see if there is a better choice.
→ Cost. How much are your current premiums and deductibles? How much will you pay for hospital stays or doctor visits?
→ Doctor and hospital choice. Do your current doctors accept the coverage? Are they accepting new patients? If considering a Medicare Advantage PPO or HMO plan, are you required to choose your hospital and health care providers from a network? Do you need a referral to see a specialist? If you are choosing a Private Fee-For-Service Plan, you must make sure your provider will accept your plan. If not, you will need to choose a provider that does accept your plan.
→ Prescription drugs. What are your prescription drug needs? Do you need to join a Medicare drug plan? What will your prescription drugs cost under each plan and does each plan provide coverage in the "donut hole”? Are your drugs covered under the plan’s formulary (drug list)? Check each plan’s formulary coverage carefully before you select.
→ Quality. Quality of care and service varies among plans. Make sure your idea of quality care matches what the provider is offering.
→ Convenience. Where are doctors’ offices located? What are their office hours? Which pharmacies are available and nearby?
→ Travel. Are you covered when traveling to other states or countries?
There are many excellent insurance agents in the market who can also help with questions. With so many choices available to Medicare beneficiaries, make sure you are educated on the subject and understand your options.
Carpenter is chief executive officer of Heritage Health Systems.