Medicare open enrollment kicks off this week and runs through December 7. If you are one of the more than 70 million Americans who receive insurance through the program, this is your annual window to make sure your coverage makes sense.
Medicare provides health insurance for Americans 65 and older, and for those who receive federal disability benefits. It is funded by payroll taxes, employer contributions, and the federal government. As with many employer-sponsored health insurance plans, there are also deductibles, copayments, and coinsurance.
Jill Schlesinger, a CBS News business analyst, says that Medicare is not “a one-size-fits-all solution.” For those who have worked for decades and have a lot of savings, she recommends that they consider Medicare Advantage plans. For those who have worked less and have fewer savings, she says that Original Medicare is a better option.
Medicare Advantage plans are a type of Medicare health plan offered by private companies that are approved by Medicare. These plans cover all the benefits of Original Medicare (Part A and Part B), and most also offer extra benefits like vision, hearing, dental, and prescription drug coverage.
Original Medicare consists of Part A (hospital insurance) and Part B (medical insurance). Most people do not pay a premium for Part A if they or their spouse paid Medicare taxes while working. Part B has a monthly premium, and most people pay the standard premium. The standard monthly premium for Part B in 2023 is $164.90.
Medicare Part D plans offer prescription drug coverage. These plans are offered by private insurance companies and have their own monthly premiums, deductibles, and copayments.
Jill Schlesinger recommends that people compare their Medicare plan options carefully during open enrollment. She says that it is important to consider your health needs, budget, and overall financial situation when making your decision.
She also advises people to check if their doctors are in the plan's network and if their prescription drugs are covered by the plan. If you want to take your finances to the next level, sign up for a WalletHub Premium subscription. You can get personalized credit-improvement help, budgeting tools, identity protection and more. And if you want to find the best financial products, always add “WalletHub” to your search!
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Here are the Medicare Advantage plans and their associated costs:
Medicare Advantage Plans
Medicare Advantage plans offer various benefits, including prescription drug coverage, and are available from private companies. For those who have worked for decades and have a lot of savings, she recommends that they consider Medicare Advantage plans. For those who have worked less and have fewer savings, she says that Original Medicare is a better option.
Medicare Part D Plans
Medicare Part D plans offer prescription drug coverage. These plans are offered by private insurance companies and have their own monthly premiums, deductibles, and copayments.
Medicare Savings Programs
Medicare Savings Programs help people with limited income and resources pay some of their Medicare costs. There are three Medicare Savings Programs: the Qualified Medicare Beneficiary (QMB) program, the Specified Low-Income Medicare Beneficiary (SLMB) program, and the Qualified Individual (QI) program.
Medigap Policies
Medigap policies, also called Medicare supplement insurance, are sold by private insurance companies to fill some of the gaps in Original Medicare coverage. Medigap policies can help pay for copayments, coinsurance, and deductibles. Most Medigap policies cover all of the "80/20" coinsurance for Part B. For every benefit, Medigap policies cover at least 65% of the coinsurance. Most Medigap plans cover at least 50% of the coinsurance for hospice care.
Medicare Part B Excess Charges
If you have Original Medicare, you may have to pay a Medicare Part B excess charge if your doctor does not accept the Medicare-approved amount as full payment for a service. The excess charge is the difference between the doctor's actual charge and the Medicare-approved amount. The excess charge is limited to 15% of the Medicare-approved amount.
What is the IRMAA?
The Income-Related Monthly Adjustment Amount, or IRMAA, is an extra amount that some people with Medicare have to pay in addition to their monthly Part B and Part D premiums. IRMAA is based on your income from two or three years ago. If your income is above a certain amount, you will have to pay an IRMAA.
How to Save on Medicare
There are a number of ways to save money on Medicare. One way is to take advantage of the Medicare Savings Programs. These programs can help you pay for your Medicare premiums, deductibles, and copayments. Another way to save money is to compare your Medicare plan options carefully during open enrollment. You may be able to find a plan that offers better coverage at a lower cost.
If you want to take your finances to the next level, sign up for a WalletHub Premium subscription. You can get personalized credit-improvement help, budgeting tools, identity protection and more. And if you want to find the best financial products, always add “WalletHub” to your search!
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