Disclaimer: This Inside South Florida segment is sponsored by UnitedHealthcare. All opinions and views are of the advertiser and does not reflect the same of WSFL-TV.
With Medicare’s open enrollment coming up Oct. 15 through Dec. 7, now is the best time to learn about the various plans for you to choose from to get the benefits you need. Betsy Chin, UnitedHealthcare’s Chief Consumer Officer of Medicare Advantages, joined Inside South Florida to share the ins and outs of this year’s open enrollment.
“This is an important time for anybody who has Medicare coverage, because it's your one time each year to look at what's changing with your current coverage, see if it's still a good fit for you, and if not, it's the one time each year to enroll in a different plan,” says Chin.
When considering the best Medicare options for you, the most important things to keep in mind are your specific health needs, the medications you take and which doctors are the right ones for the medical conditions you’re managing. Another major aspect that many may have on their minds is how much money will be spent on Medicare.
“Each type of Medicare plan has different costs associated with it, whether that be a premium or deductibles, copays or coinsurance,” says Chin. “There's many different types of ways to pay for your Medicare coverage, so it's important to think about your budget.”
Medicare offers many different types of benefits. Coming into the enrollment period with an idea of the benefits you want is an important step that can help get you the best plan possible.
“There's doctor coverage and hospital coverage included in almost any plan, but some plans also include things like prescription drug coverage and dental, vision or hearing coverage, maybe even a fitness membership.”
Medicare plans are organized into four separate options to consider. Knowing what each plan can do for you ahead of time can make all the difference in making enrollment a smooth process.
“Parts A and B are known as Original Medicare, and come right from the federal government. That plate pays for things like hospital stays and doctor visits,” says Chin. “Then there's Part C, which is a Medicare Advantage and Medicare Advantage plans combine Parts A and B into a single plan, but often also include Part D prescription drug coverage and many of the extra benefits.”
Medicare Part D plans are a great option for those that do not want to enroll in a Medicare Advantage plan, but still want coverage for their prescription medications. Medicare also offers supplemental plans, known as Medigap, that can help cover the costs of things that Original Medicare does not cover.
“People who choose a Medicare Supplement Plan often also choose a Medicare Part D plan. Whether you decide to stay with Original Medicare or move to a Medicare Advantage plan, now is a really good time of year to think about what coverage is right for you before the annual enrollment period ends on Dec. 7,” says Chin.
For more information, visit MedicareEducation.com.
