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Do you have a Medicare Advantage Plan? How to Open Enrollment – The Motley Fool

While the main open notification period for Medicare takes place from mid-October to early December each year, there is another open notification period for people who sign up for Medicare Advantage plans running from January 1 to March 31 this year. [19659002] Medicare Advantage Plans, sometimes referred to as Plan C, are popular with consumers because they are comprehensive, offer low premiums and appear simpler than original Medicare. Some benefits do not even plan fees. Many also have out-of-pocket limits, which makes it possible for healthcare consumers to handle expected costs for the year. They are instructed to offer at least as much coverage as Medicare Part A (health insurance) and Part B (medical and medical insurance) provides. Many Medicare Advantage plans offer more, such as prescription and dental, vision and hearing protection options. IMAGE SOURCE: GETTY IMAGES. Medicare Advantage Plans May Change [19659006] Medicare Advantage Plans can change year by year, both in coverage and cost. Offered by private insurers such as Blue Cross / Blue Shield and Aetna, these plans are governed by the US Government. While obliged to meet the coverage offered by original Medicare in Part A and Part B, other aspects of the Medicare Advantage plans vary. For example, prescription drugs may differ from the insurance policy form (which means that the Medicare Advantage plan will no longer pay for it). Perhaps part of the coverage you have had, such as vision or dental care, is reduced or lost. Providers who were once in the…

While the main open notification period for Medicare takes place from mid-October to early December each year, there is another open notification period for people who sign up for Medicare Advantage plans running from January 1 to March 31 this year. [19659002] Medicare Advantage Plans, sometimes referred to as Plan C, are popular with consumers because they are comprehensive, offer low premiums and appear simpler than original Medicare. Some benefits do not even plan fees. Many also have out-of-pocket limits, which makes it possible for healthcare consumers to handle expected costs for the year. They are instructed to offer at least as much coverage as Medicare Part A (health insurance) and Part B (medical and medical insurance) provides. Many Medicare Advantage plans offer more, such as prescription and dental, vision and hearing protection options.

IMAGE SOURCE: GETTY IMAGES.

Medicare Advantage Plans May Change [19659006] Medicare Advantage Plans can change year by year, both in coverage and cost.

Offered by private insurers such as Blue Cross / Blue Shield and Aetna, these plans are governed by the US Government. While obliged to meet the coverage offered by original Medicare in Part A and Part B, other aspects of the Medicare Advantage plans vary.

For example, prescription drugs may differ from the insurance policy form (which means that the Medicare Advantage plan will no longer pay for it). Perhaps part of the coverage you have had, such as vision or dental care, is reduced or lost. Providers who were once in the network can move outside the network and if you continue to see them, you may be on the hook for the entire cost of your visit and any services you receive.

Review Your Plan C Every Year [19659006] If you are covered by a Medicare Advantage plan, it is therefore important that you review your costs and coverage each year. Health care is crucial for the elderly and costs rise steeply. The second enrollment period is a good time to sit down, roll up your sleeves and consider whether your plan still meets your needs.

First check your coverage. Read nice prints. Look over your medical treatment for the past year. Had your health or needs changed in a way that means you need some new year 2019 that you didn’t need in 2018? If you develop vision problems, vision insurance can be important for you to add. Were you prescribed new medicine? Then you have to make sure it is on the form for your plan, or you will pay for it all out of your pocket. Are you satisfied with the suppliers in your network?

Next, review your costs. There is no replacement for number crawling, so take a pen and paper. Medicare Advantage plans may seem like a lower cost option as premiums are often low. But it is important to know that premiums are not all costs for any insurance plan. You have to sum up what you should pay for co-costs and out-of-pocket expenses. Do they seem reasonable, or are they higher?

Third, review your plan to ensure that it still covers everything it did last year because it is not guaranteed to remain the same. If you like your doctor and local hospital, make sure they are still in the network. Make sure your prescription drugs are still on form.

If you find areas in your Medicare Advantage plan, you want to change. Here are two things to know about the second open enrollment period.

first You can switch from one Medicare Advantage plan to another

If your current Medicare Advantage plan no longer suits your needs or budget, you can switch to another during the open enrollment period from January 1 to March 31. Review the coverage and costs of other plans offered in your area here. The Medicare system also offers a starred rating system for Medicare Advantage plans, so it would be beneficial to look at the rankings as well.

2nd You can switch to original Medicare

If there is no Medicare Advantage plan you like, or you decide on original Medicare, it is more beneficial that you switch to original Medicare at this time. (If you are currently in original Medicare, the second enrollment period is not for you and you must wait to change your plan to the first open enrollment period, from October to early December.)

Participants in original Medicare Plan A and Plan B pays premiums, co-payments and out-of-pocket expenses. If you choose prescription drug insurance in original Medicare, Plan D, you will pay all these costs for Plan D as well. Despite higher costs than some Medicare Advantage plans, original Medicare can better suit your needs. Supplier coverage can also be more abundant. With an original Medicare card, you can go to any medical professional or hospital or clinic that accepts it, while Medicare Advantage plans may have limited network options.

The current registration period is a chance to set up your care plan to make sure it fits your current situation.

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