Medicare 2018: A guide to open enrolment

F rom October 15^th to December 7th, Medicare will be open for applicants. This short period is for those who wish to add or change coverage related to the Medicare Advantage Plan (Medicare Part C) and prescription drug coverage (Part D). Generally speaking, this is your only chance to make these changes and this guide to open enrolment in Medicare can help. Each year, more and more people are opting to start Medicare Advantage plans, according to the Congressional Budget Office and the Medicare Trustees analysis of trends. Approximately 1/3 of all Medicare beneficiaries are signed up for Medicare Advantage. This bundles together multiple sections of traditional Medicare with surprisingly low monthly premiums in addition to your Part B premium. These include “Part A,” which covers hospital stays, nursing facilities, hospice care and some home care, “Part B,” covers visits to your doctor, preventative care services and some home care, and “Part D,” which covers outpatient care and prescription drugs. In addition to all these, Advantage also offers low or no co-payments with regards to certain services. There are many kinds of Medicare Advantage plans, including HMO, PPO, PFFS, SNPs, HMOPOS and Medical Savings Account plans. In all types of Medicare Advantage Plans, you're always covered for emergency and urgently needed care, as well as emergency coverage outside of the plan’s service area. The one catch is that, to be eligible, you must live in your plans service area and already have Medicare Parts A and B. For those of you already on Medicare Advantage, you can expect a smooth transition into the new year, as health insurance plans for seniors will remain largely unchanged. In fact, what few changes are happening will mean slightly reduced premiums or even expanded coverage. Talk to your insurance provider for specific details. You have seven weeks to weigh your options and consult with your Medicare providers and health professionals. Hopefully this guide to the open enrolment process has helped you make your decision.