Market Overview

Comparing Medicare Plans to Save You Money

Share:

MISSION, Kan., Nov. 16, 2020 /PRNewswire/ -- (Family Features) Medicare's Open Enrollment gives people with Medicare the opportunity to sign up for health or prescription drug plans, or make changes to their existing health plans or prescription drug plans for coverage beginning Jan. 1, 2021. But don't delay – Open Enrollment ends on Dec. 7, 2020. 

Why compare plans for next year? Just as your health care needs can change from year to year, so do Medicare plans. While Medicare plans generally cover all Part A and Part B benefits, not all plans offer the same cost sharing or additional benefits. You may be able to find new extra benefits, save money – or both. 

What's new this Open Enrollment?
Medicare plans in 2021 have historically low premiums – dropping an average of 34% over the last three years, and in some states dropping over 50%. There's never been a better time to go to Medicare.gov and look at your options. 

If you're among the 1 in 3 people with Medicare who has diabetes, here's some more good news: hundreds of prescription drug plans will be participating in a new insulin savings initiative, through which they'll offer a month's supply of a range of insulins for a copayment of $35 or less in 2021. If you take insulin and enroll in one of these plans, you could save an average of $446 per year on your out-of-pocket costs for insulin next year.

Here are some things to consider when shopping for Medicare plans:

  • Check if your doctors are still in-network and your prescriptions are on the plan's formulary.
  • The plan with the lowest monthly premium may not always be the best fit for your health needs.
  • Look at the plan's deductible and other out-of-pocket costs that factor into your total costs.
  • Some plans offer extra benefits, like vision, hearing or dental coverage, which could help meet your unique health care needs in 2021.
  • If you take insulin, you may find a plan offering insulin for $35 or less for a 30-day supply.

Medicare is here to Help
Think you'll need help comparing plans? Here are some things you can do safely from home:

  • Find plans at Medicare.gov, where you can compare coverage options and see estimated out-of-pocket costs for all your prescriptions. 
  • Call us at 1-800-MEDICARE (1-800-633-4227). TTY users can call 1-877-486-2048. Help is available 24 hours a day, including weekends.

You can also find help in your community. Get personalized health insurance counseling at no cost to you from your State Health Insurance Assistance Program (SHIP). Visit shiptacenter.org, or call 1-800-MEDICARE for your SHIP's phone number. Many SHIPs also have virtual counseling this year. 

Medicare Open Enrollment ends on Dec. 7, 2020.  Now's the time to act if you want to enroll in or make changes to your Medicare health or prescription drug plan for coverage beginning Jan. 1, 2021. If your current coverage still meets your needs then you don't have to do anything. Remember, if you miss the Dec. 7 deadline, you'll likely have to wait a full year before you are able to make changes to your Medicare coverage.

For more information, visit Medicare.gov or call 1-800-MEDICARE. If you need help in a language other than English or Spanish, let the customer service representative know the language.

You can also find information about Medicare on the Medicare Facebook page and by following @MedicareGov on Twitter.

Information provided by the U.S. Department of Health & Human Services.

Michael French
mfrench@familyfeatures.com 
1-888-824-3337
editors.familyfeatures.com

About Family Features Editorial Syndicate
A leading source for high-quality food, lifestyle and home and garden content, Family Features provides readers with topically and seasonally relevant tips, takeaways, information, recipes, videos, infographics and more. Find additional articles and information at Culinary.net and eLivingToday.com.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/comparing-medicare-plans-to-save-you-money-301173763.html

SOURCE Family Features Editorial Syndicate

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com