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ON SCREEN TEXT: Medicare Moment
with Phil Moeller – author, journalist and Medicare and retirement expert
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ON SCREEN TEXT: How do I know what my plan covers?
Will it change every year?
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ON SCREEN TEXT: Costs and coverage may change
PHIL MOELLER: Medicare plans do change from year to year.
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PHIL MOELLER: Premiums, annual deductibles, co-pays, and co-insurance payments seldom stay the same. Coverage terms on prescription medicines may also change, and it’s important to make sure your drugs are still covered. Private Medicare insurers must inform their members by the end of September each year about major changes to their plans that will take effect on January first of the following year. These requirements apply to part D drug plans, Medicare advantage plans and to a lesser degree, Medicare supplement or Medigap plans.
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ON SCREEN TEXT: In the mail or electronically
PHIL MOELLER: Plans must send these notices in the mail or if you elect, you can receive them electronically.
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PHIL MOELLER: For Medicare advantage plans, make sure your preferred doctors will still be in the plan’s provider network. New coverage options are also being added to plans every year, so check for those details as well. Part D plans usually cover drugs in five groups or tiers, including common, generic, and branded medications, as well as specialty branded drugs which tend to be more expensive. Medicare’s online plan finder tool allows you to see the terms of all private insurance plans you’re eligible to buy.
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ON SCREEN TEXT: Oct. 1 of each year
PHIL MOELLER: Next year’s plan features must be available on Plan Finder by October first each year.
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PHIL MOELLER: In advance of the October fifteenth opening of the annual Roman process for the following year, which takes effect on January first.
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ON SCREEN TEXT: United
Healthcare
