When it comes to health insurance, it pays to research and compare your options. Because you can potentially save money while doing a comprehensive review to ensure your health insurance coverage.
For those enrolled in Medicare, the nation’s largest public health program serving 67 million people age 65 and older and young adults with long-term disabilities, open enrollment is the time to do just that. The period runs from Tuesday to Dec. 7, with new coverage beginning in 2025.
But nearly 7 in 10 people with Medicare hadn’t researched their options in 2021, according to KFF, formerly known as the Kaiser Family Foundation. Medicare plans and programs change, sometimes dramatically. Your health needs may also be changing. (Researching your options during open enrollment is especially important for Minnesotans enrolled in certain Medicare Advantage health plans who face network disruptions and increased copays next year.)
One important option to explore is whether there is a prescription drug plan (Part D) option that better suits your needs. KFF calculates that the average Medicare beneficiary will have 21 Part D plans to choose from in 2024. These plans can vary significantly in cost and drug coverage.
Medicare Advantage plans are popular. These are private health insurance plans paid by the federal government to provide Medicare-covered benefits as an alternative to traditional Medicare. Medicare Advantage plans offer more benefits, including eye and dental care and gym memberships. If you have Medicare Advantage, the typical enrollee can choose from 43 plans from eight insurance companies this year. Again, these plans vary widely in details. Open enrollment allows you to change from traditional Medicare to Medicare Advantage if you wish.
You can also switch from Medicare Advantage to traditional Medicare. This move usually doesn’t make financial sense because you’re unlikely to receive Medigap coverage on the same competitive terms you had when you first became eligible for Medicare.
Medicare offers several online tools, including the comparison shopping Medicare Plan Finder. The Minnesota Health Insurance Assistance Program/Senior LinkAge Line offers free assistance exploring your options. I highly recommend the newly revised and updated book Get What’s Yours for Medicare: Maximize Your Coverage, Minimize Your Costs by Philippe Moller. Mr. Mueller has deep knowledge of the nuances of the complex federal health insurance program, and his audience is you, the Medicare consumer.
Chris Farrell is the Marketplace’s senior economics contributor. He is also a commentator for Minnesota Public Radio.
