Every year, beneficiaries of the Social Security Administration’s Medicare program have the opportunity to examine their current coverage and make any necessary changes during an open enrollment period. That time is now in effect and will last until December 7, 2022.
Your primary concern during open enrollment will be selecting the kind of coverage that best suits your present health needs and financial position.
Social Security: What’s the Best Option for Medicare?
You might save hundreds of dollars by making the proper decision, but you’ll need to do your research.
According to Tricia Neuman, senior vice president of the Kaiser Family Foundation and executive director of its Program on Medicare Policy, most consumers don’t pay much attention to the open enrollment period, and this can be costly.
As per the SSA website, Original Medicare is the most well-liked choice for seniors and offers the following benefits:
- Medicare Part A (hospital insurance): This provides financial assistance for post-hospitalization inpatient care in a hospital or at a skilled nursing facility. Additionally, it covers some hospice and home healthcare services.
- Medicare Part B (medical insurance): This assists in covering the costs of outpatient treatment, home healthcare, durable medical equipment, and some preventive services in addition to the services provided by physicians and other healthcare professionals.
Private insurance companies that follow guidelines established by the Centers for Medicare & Medicaid Services are in charge of managing other aspects of Medicare. If Original Medicare doesn’t cover all of your healthcare needs, you might want to look into these choices. You are accountable for 20% of the cost of a doctor, for instance, under Part B.
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4 Parts of Medicare
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To choose the best coverage, you must first comprehend the many components of Medicare and how they each operate:
- Original Medicare Part A covers inpatient hospital stays, hospice care, short-term skilled nursing facility care, and certain home health care. Part A of Medicare has a deductible of $1,600 for each benefit period in 2023, but the majority of people won’t have to pay a premium for it.
- Preventive care and other medically required services to identify or treat a medical issue are covered under Medicare Part B, a type of medical insurance. In addition, Part B covers qualified durable medical equipment that has been prescribed by a doctor, restricted outpatient prescription medications, clinical research, mental health treatments, and ambulance services.
For people with a modified adjusted gross income of less than $97,000 for 2023, the regular Medicare Part B monthly premium is $164.90, and there is a $226 deductible per year. Once you’ve met the Part B deductible, you’ll be required to contribute 20% of the services’ Medicare-approved cost.
- Part C Medicare Advantage Plans also frequently include Part D, the Medicare drug coverage, as well as Medicare parts A and B. Medicare Advantage Plans’ premium costs vary by area, and you must purchase the plan from a commercial insurance provider. The Medicare Plan Finder lets you contrast Medicare Advantage Plans.
- Part D prescription drug coverage helps cover the cost of prescription drugs. Medicare Part D is optional and available to anyone enrolled in Medicare. You can purchase a Part D plan through a private insurance company or as part of a Medicare Advantage Plan, which is a “bundled” plan that includes Part A, Part B, and usually Part D.
The cost of Part D premiums varies by location. Visit the Medicare Plan Finder to look for a Medicare Advantage Plan or Part D plan. Remember that if you don’t enroll in Part D when you first become eligible, you can subsequently be required to pay a late enrollment fee that is added to your Part D premium.