With Medicare open enrollment underway and the time of year when other public health insurance programs and employer-sponsored plans open for enrollment, Minnesotans are encouraged to consider their options.
Advisors said focusing on monthly premiums is not enough to reduce health care costs. You should also compare your plan’s copays and deductibles.
Gina LaBounti, Medicare manager at Twin Cities-based insurance brokerage Benafica, said finding the right prescription drug coverage and changing in-network providers can be a challenge for Medicare enrollees. However, he said that this is the most important thing that should not be taken lightly. She stressed that she didn’t want to be caught off guard.
“It’s a good idea to keep an eye on your annual change notice because it’s usually mailed to you,” LaBounty recommended. “However, we also note that several large insurers are losing some network providers, which could impact insurers next year.”
Original Medicare does not cover prescription drugs, so you need a plan known as a Part D plan for drugs. Starting in 2025, plans will include a $2,000 cap on out-of-pocket costs for covered prescription drugs.
Health policy analysts said there can be tradeoffs when deciding between traditional Medicare coverage options and Medicare Advantage plans.
Dr. Rhonda Randall, chief medical officer and executive vice president of UnitedHealthcare Employer and Individual, said Advantage plans tend to be more expensive but are worth considering because they offer additional benefits. .
“It’s like dental, vision and hearing,” Randall outlined. “Many Medicare beneficiaries may be surprised to learn that Original Medicare does not cover most of these, but many Medicare Advantage plans do. Also, mental health coverage We recommend that you check it out.”
About 64% of Minnesotans enrolled in Medicare have a favorable plan. Registration for the program will be open until December 7th. UnitedHealthcare offers an online guide to navigating Medicare.
Meanwhile, enrollment season is also open for people with employer-sponsored health insurance, with enrollment on the state’s health insurance exchange, MNsure, starting Nov. 1.
