ROCHESTER, N.Y. — Medicare open enrollment is one of the most challenging times of the year for older adults.
There are many different plans, a range of premiums and a lot of decisions to make. Older adults pay an average of $11,300 a year on total health spending, which is triple the average cost for people in their 20s.
“I think it’s important for everyone to keep in mind that your Medicare coverage can change a lot from year to year,” said Leigh Purvis from the AARP Public Policy Institute.
Medicare Part D
Premiums for Medicare Part D prescription drug coverage are projected to increase by 50% compared to last year, and nearly all stand-alone Part D plans now charge a deductible. Other plans are changing as well.
“You could have a higher deductible. You can have higher premiums. You can find that the services that you use are no longer covered or require a lot higher cost sharing,” said Purvis.
Other Medicare plans
Medicare Part A covers hospital stays and Part B covers doctor visits. Medicare Part C, also known as Medicare Advantage, is an all-in-one alternative to traditional Medicare offered by private insurance, but it usually requires using in-network doctors and facilities. When choosing a plan, it is important to consider more than just the premium.
“Often times what you find with a low premium plan is that the coverage is less generous. So you may find for example that your prescription drugs aren’t covered or that your cost sharing is significantly higher than it would have been otherwise,” Purvis said.
Traditional Medicare plans
People with traditional Medicare can go to any provider that accepts Medicare, but they need to buy a Part D plan for prescription insurance. A Medigap plan covers co-pays, coinsurance and deductibles.
The Medicare website allows users to compare Medigap pricing easily. For example, plans for a 73-year-old nonsmoker range from those that cap deductibles to more expensive plans with no deductibles. Medicare Advantage plans are popular because they offer one plan for everything, but they often have cheaper premiums and higher co-pays, coinsurance and deductibles than traditional Medicare with a Medigap supplement.
Helpful resources
An AARP AI tool is available to answer questions and provide information, and Lifespan is offering several sessions in the coming weeks. To see when those classes are, click here.
Consumer Alert: What to know for Medicare open enrollment WHEC.com.
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