Seize the opportunity of the Medicare Open Enrollment Period

Seize the opportunity of the Medicare Open Enrollment Period

Sequel to the Medigap modernization law, which took effect on the 1st of June, certain changes were made to the current Medicare pension policies. Such modifications does not affect beneficiaries of the Medicare open enrollment period. If you just qualified to enjoy Medicare this year, there will be certain vital alternatives prepared for you. However, if you have Medicare Part A and Part B, you will have many more options with the open enrollment times which run from October 15th to December 7th. If you joined Medicare, you had the option of choosing a Medicare Advantage plan, maintaining the original Medicare plan, selecting a Part D plan with a prescription and a Medicare supplemental plan, or maintain the original Medicare plan and plan selected drugs. Medicare has part A, B, & C. The prescription drug plan is Part D. During the open enrollment phase, which runs till Dec. 7, you will have several options to make the required modifications and make sure that you have the plan most suited to your needs.

Here are some areas that you should consider when making the best decision for you. Your original Medicare plan has several deductibles and coinsurance items that can adversely affect your finance if you have a debilitating ailment and need to be hospitalized for a period of time. This is where a Medicare supplement plan can deliver you from these harsh economic realities. Have it on notice that if you choose a Medicare health care plan, each insurer must provide the exact same plan, depending on the laws of the nation. Don’t limit yourself to what the name of the company is, but look at only the cost of the plan and the letter designations (plans A, B, C, D, F, G and K) and insurance for each plan.

If you accept the choice of a physician in a network and you do not want to register for Part D prescription drug plan, a Medicare Advantage plan may be of interest to you. For many Medicare recipients, the major negative factor in 2020 Medicare advantage plans comparison is that if you’ve got a physician you know of and your physician is not part of the network, you have to change. Meanwhile, if you find interest in keeping the cost of your health care low, then it may be best to choose a network doctor. If you choose a Medicare Advantage plan, you could have a cheaper monthly premium depending on your income and the benefits you choose. However, it would be small compared to the Medicare Supplemental Monthly Plan. You can also choose a Medicare Advantage plan without the Part D plan if you already have a Part D plan and simply choose to use a separate Part D plan. Sometimes, carefully examine your options before choosing a decision to make. Lastly, after the 7th of December, you will have another opportunity to return to Original Medicare and a separate Part D plan before February 15. This open enrollment period is an important time for you, as a beneficiary of Medicare, to carefully review your decisions.