Health Insurance

Medicare Enrollment: 5 Things to Know

•If you’re covered by Medicare, now is the time to make changes to your health insurance plan and prescription drug coverage. Medicare’s annual open-enrollment period is open until December 7th.

Here are five things to consider when shopping for your Medicare coverage options:

1. NOT shopping can cost you.Each year, cost and benefit details of Medicare Advantage and stand-alone Part D drug plans change – even if just a little.

2. The bottom line: Even if you’re happy with your current coverage, shop your options during this open enrollment period to make sure you still have the plan that best meets your needs.

3. Make sure your drugs are covered.Expect to pay more when you fill your prescription drugs next year. Across the board, Part D plan deductibles and other out-of-pocket expenses are rising.

4. Is your doctor in-network?Making sure your doctors participate with your health plan is one of the most important parts of picking the right policy. Out-of-network care can be very expensive. In fact, a recent report by America’s Health Insurance Plans found that out-of-network providers charged patients on average 300% more than Medicare rates for certain procedures and treatments, such as MRIs and chemotherapy.

5. Check star ratings.Medicare has a quality rating system in which plans are ranked from one to five stars, with five the highest. Try to choose one with no less than 3.5 or 4 stars. 

•Finally, don’t forget to check which pharmacies participate with your plan, and which tiers the plan has placed them on. Prescriptions cost less when you fill them at a pharmacy identified as one offering “preferred cost sharing.”

•And beware: Not everyone lives near a pharmacy with preferred prices.

[Source:http://blogs.webmd.com/health-reform-101/2015/11/medicare-enrollment-5-things-to-know.html]

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