The Alzheimer's Digest: Health Insurance

Showing posts with label Health Insurance. Show all posts

Sunday, October 27, 2013

How to Help a Senior Find the Right Medicare Part D Plan

Whether they're enrolling in Medicare for the first time, or are veterans of the program who are considering a coverage plan switch, senior beneficiaries face a complex array of options during the annual Medicare Open Enrollment period, which occurs this year between October 15th, and December 7th, 2013.

One of the more important decisions faced by seniors during Open Enrollment is whether or not to switch their Medicare Part D (prescription medication coverage) plan.

A recent University of Pittsburgh study found that only about five percent of older adults are in the right Part D program.

According to research conducted by PlanPrescriber.com—a website that allows seniors to compare Medicare-related insurance products—the vast majority of beneficiaries are needlessly spending hundreds of additional dollars each year because they are signed up for sub-optimal prescription drug plans.

"The Medicare Part D plan selection process can be overwhelming to navigate on your own," says Papatya Tankut, vice president of professional pharmacy services at CVS pharmacy. The trickiest part, according to Tankut, is figuring out how to accurately compare the benefits of different plans against the backdrop of a senior's unique health needs.

A complicated choice

Why are so many seniors participating in the wrong plans?
Many adults don't take the time to re-evaluate their Medicare coverage options each year—something that Tankut says is essential—especially when it comes to prescription drug coverage where plan specifics change from year-to-year. "Even if you're satisfied with your current plan, it makes sense to review the various plans available and explore your options," she says.

She offers a list of questions seniors and their caregivers should ask themselves when figuring out which prescription coverage plans to consider:

What will the total cost of a given plan be? Don't forget to include all of the different expenses of a particular plan, including: premiums, deductibles, prescription co-payments and annual out-of-pocket expenses, all of which can change annually.
Have your medications changed dramatically? Every plan doesn't cover every prescription. If you've been diagnosed with a chronic illness that requires you to take a whole new regimen of prescription medications, your current program may no longer offer sufficient coverage.
Are you planning on traveling a lot, or moving to a different area? Different Part D plan options are offered in different parts of the country. The program you had while living on your own may not be an option if you have to move in with your adult children who live out-of-state.

Your friendly neighborhood advisor

Pharmacists are an often overlooked resource that can help caregivers and their loved ones make sense of the complicated compilation of Part D plans.

While they are forbidden from recommending particular plans, pharmacists can help seniors get organized and guide them through the process of making their own decisions on which prescription coverage program is best for their situation.

"Preparation is important when selecting the best Medicare Part D plan," says Tankut. Who suggests making a list of all of a senior's current prescriptions, including quantities and dosage information. Pharmacists can provide the information necessary to compile this list.

They can also answer any questions a caregiver or aging adult may have regarding the enrollment process.

Many drugstores offer additional services to seniors seeking to find the best Part D program.

In most CVS pharmacies, special kiosks offer area-specific information on available Part D programs as well as a, "Medicare Part D Starter Kit." Walgreens has a section on their website that allows seniors to sign up for a "Medicare Plan Review," where a pharmacist will sit down with a beneficiary to offer their expertise on the plan selection process.

Seniors and their families are the ones that must ultimately make the final decisions during open enrollment, but being able to take advantage of pharmacists' knowledge can make picking the optimal plan infinitely easier.

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Wednesday, October 9, 2013

Good News Re: ObamaCare

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Wednesday, October 2, 2013

Obamacare's Effect on Medicare Open Enrollment 2013

Fall is a big time for the Affordable Care Act (ACA) — and if you are over 65, you might be confused about what that means for your Medicare benefits.

This year, the enrollment periods for "Obamacare" and Medicare overlap, which may have you wondering if one is related to the other.

The simple answer is no.

Medicare is the federal health insurance program for people 65 and older. It also helps with coverage for certain younger people with disabilities and special needs.

Lately you may have heard about the state health insurance exchange created by the federal health care reform law. The exchange is designed to help people under the age of 65 who don't have insurance today.

Those over 65 don't have to worry about the state exchange enrollment program, but it is always a good idea for these individuals to review their coverage during Medicare's Annual Election Period, which is almost here (starts on October 15, 2013 and ends on December 7, 2013). This is the time to enroll in or change a stand-alone prescription drug plan (Part D) or Medicare Advantage plan.

If you're confused about your options, you're not alone. In a survey of eHealth, Inc.'s Baby Boomer customers last year, sixty percent reported that they didn't know that Medicare doesn't work like regular health care insurance.

With several parts and many coverage options, choosing a Medicare plan can be puzzling. That's why it's good to understand the basics when making changes during Medicare open enrollment.

Here are 4 important things to remember about Medicare:

Original Medicare (Parts A and B) doesn't cover everything. There are out-of-pocket costs associated with Medicare, and the program isn't designed to cover every need. For example, if you take prescription drugs, they are not covered under original Medicare. Some services that are not covered include: routine dental or eye care, hearing aids, dentures etc. It's also important to remember that Parts A and B have separate deductibles, as well as a 20 percent coinsurance for most Part B services. Plus there is no out-of-pocket limit with original Medicare.

Private insurance options can help fill in the coverage gaps. Since original Medicare doesn't cover everything, consumers may choose to buy a separate policy, which can help fill in the Medicare coverage gaps. Some people opt for Medicare supplement plans (also known as Medigap plans) or Medicare Advantage plans (Part C). Medicare Part D drug coverage is also available as a "stand-alone" prescription drug plan option, or bundled into Medicare Part C plans. Health care reform requires Medicare Advantage plans to limit one's out-of-pocket costs to $6,700 or less.

Researching and comparing plans can save you money. Comparisons can help you find the right Medicare Part D plan. There are many things you should consider when comparing plans, such as deductibles, co-payments, co-insurance, out-of-pocket limits and physician networks. Also, don't forget to compare the costs associated with any specific prescription drugs you take because those costs will vary by plan.

According to recently released data from eHealth Inc., only 14 percent of people who used eHealth's Medicare plan comparison tools on eHealthMedicare.com and PlanPrescriber.com (web-marketplaces operated by eHealth) were in the Medicare Advantage Prescription Drug Plan (MAPD) with the lowest total out-of-pocket costs on prescription drugs available to them. The research also revealed that less than 6 percent of people who used eHealth's comparison tools to compare prices on stand-alone Medicare Prescription Drug Plans (PDP) were in the PDP with the lowest total out-of-pocket costs available to them.

Users who switched to the plan with the lowest total out-of-pocket costs on prescription drugs in 2013 could have saved an average of $649 over their existing PDP and an average of $634 over their existing MAPD, according to the study.

Missing deadlines can be costly. If you want to enroll in a Medicare Advantage plan or change your current plan, you can do that once a year during the Annual Election Period. In some cases, consumers may qualify to change their coverage other times during the year. In order to enroll in a Medicare Supplement plan, you must enroll within six months of becoming eligible for Medicare Part B. After the six-month period, an insurer can reach out with health specific questions, and they can deny coverage based on your responses.

Health care is a very personal and important decision. There is no one-size-fits all approach when it comes to choosing and enrolling in a plan, but Medicare open enrollment can help you save money. If you need additional coverage, it's important to find the plan that best fits your unique needs.