We are in the last few weeks of AEP
If you still need to review your plan for the year come see me at Kroger 1410 Military Rd, Benton, AR. I’ll be back November 29th – December 7th.
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Annual Enrollment Period (AEP) Tips for Medicare Beneficiaries
Medicare Annual Enrollment Period Runs October 15th – December 7th
It’s that time of the year when Medicare beneficiaries in Arkansas will soon be getting a lot of Medicare mail and seeing the Medicare ads. The superbowl of Medicare is upon us. I wanted to share a few tips to keep in mind during this time of intense marketing to our local beneficiaries.
Compare 2022 Medicare Advantage or Medicare Part D Prescription Drug Plans Now!
This year the Annual Election Period (AEP) is open from October 15th – December 7th. Anyone on Medicare can change their Medicare health plan or prescription drug coverage to better fit their needs. Medicare health and drug plans can make changes year to year. Pay attention to your annual notice of change letter. A plans formulary, cost, or network can change each year. The letter details everything that is changing in the plan next year.
During the Annual Enrollment Period you can apply for a new prescription drug plan (Part D), apply for a new Medicare Advantage plan (Part C), or leave your Medicare Advantage plan and get on Original Medicare
During the AEP, you can make as many changes as you want. If you make a plan change and feel like the change wasn’t in your best interest you have until the end of AEP to correct it. The last change will be your Medicare plan for the following year and be in effect starting January 1st, 2022.
If you have a standalone Part D drug plan, you may also have a Medicare Supplement Insurance. The benefits on Medicare Supplements do not change from year to year. If you want to change from one Medicare Supplement to another you will still have to answer health questions.
Contact a Local Agent for Help
If you have questions remember locally licensed agents can help you review your Medicare plan, and guide you through Medicare health and drug plan changes. This service is no cost to you, and you are not obligated to purchase a new Medicare plan.
Medicare HMO vs. PPO
Medicare HMO and PPO typically have more similarities than differences
Many times, people don’t realize the importance of health care until they fall ill. But finding the right health care coverage should be a priority for everyone. That’s because it doesn’t just come to your rescue in emergencies—it gives you peace of mind.
Medicare is a type of government health care coverage for people age 65 and older. While there are several Medicare options, the most popular are:
- Original Medicare
- Health Maintenance Organization (HMO)
- Preferred Provider Organization (PPO)
While both Medicare HMO and PPO typically have more similarities than differences, the main contrast comes down to premiums or higher costs in
When choosing a Medicare plan that is best for you or your loved ones, you may want to consult a plan representative to better understand the advantages of each plan.
Comparing Original Medicare, HMO and PPO
| Original Medicare | Medicare HMO | Medicare PPO |
|---|---|---|
| Gives you the advantage of consulting any health care provider and using any health care facility that accepts Medicare plans*. | Allows you to only consult providers in the network**. | Allows you to consult any health care provider, but you typically need to pay more when seeing the out-of-network providers. |
| Allows you to visit doctors anywhere in the U.S. | Allows you to only visit doctors in your plan’s service area, except in emergencies or when urgent care is needed. | Allows you to visit doctors anywhere in the U.S., but you typically need to pay more when seeing out-of-network providers. |
| You do not need to have referrals to see specialists. | You typically need referrals to see specialists. | You do not need to have referrals to see specialists. |
| Does not cover hearing, dental or vision services. | May cover additional services, including hearing, dental and vision. However, additional benefits may increase your premium costs or other out-of-pocket expenses. | May cover additional services, including hearing, dental and vision. However, additional benefits may increase your premium costs or other out-of-pocket expenses. |
| Allows you to sign up for a stand-alone prescription drug plan. | Provides prescription drug coverage in most cases. However, you may be needed to pay a higher premium. | Provides prescription drug coverage in most cases. However, you may be needed to pay a higher premium. |
| No out-of-pocket limit. | Annual out-of-pocket limit for in-network care (maximum is $7,550 in 2021). | Annual out-of-pocket limit for in-network care and combined in-network and out-of-network care (varies by plan). |
*Health-care providers are classified as participating and nonparticipating providers. Participating providers accept Medicare’s approved amount for health care services as full payment. Non-participating providers accept Medicare insurance, but they do not accept Medicare’s approved amount for health care services as full payment.
**A network is a group of doctors, hospitals and medical facilities that signs a contract with a plan to provide services.
What is Medigap?
With Original Medicare, you also have the option of purchasing a supplemental insurance policy or Medigap.
Medigap is a health insurance policy that offers standardized benefits to work with Original Medicare. Medigap plans charge an additional premium to cover Medicare cost-sharing and other benefits.
SLIDESHOW
Medically Reviewed on 5/13/2021
References
https://www.medicareinteractive.org/get-answers/medicare-health-coverage-options/medicare-advantage-plan-overview/medicare-advantage-plan-network-comparison-chart
https://www.healthmarkets.com/content/difference-between-hmo-and-ppo