Time is running out for people aged 65 or older and those with disabilities to sign up for Medicare during open enrollment.
Medicare is government-provided health insurance that consists of two parts. Medicare A helps pay for inpatient care in hospitals, critical access hospitals, skilled nursing facilities, hospice care, and some home health care. Medicare B focuses on services or supplies necessary to treat or diagnose a medical condition.
Dr. Meena Seshamani, Deputy Administrator and Director of the Center for Medicare Services, recommended people do their homework before signing up.
“To evaluate the plans they’re thinking about to see; Does this cover the prescription drugs that I take? Is the pharmacy I go to in-network? Are the doctors I want to see in-network?” said Seshamani.
There are some differences in plans during this enrollment period. Starting next year Medicare will begin a new Prescription Payment Plan. Officials said it allows members to spread their prescription drug costs out over the entire calendar year instead of having to pay their share of the cost upfront at the pharmacy. It also caps the payment amount at $2,000.
Seshamani said Medicare costs are based on income with Medicare Savings Programs existing in every state.
“If you have limited income and resources, you could qualify for help paying for your cost-sharing, like your premium or your other out-of-pocket costs,” said Seshamani.
She said people who qualify for the Extra Help program generally will pay no more than $4.50 for each generic drug and $11.20 for each brand-name drug.
Medicare Open Enrollment ends December 7. Officials recommend people with Medicare compare their health plan options every year, as their needs may have changed, and their current plans may have changed. More information can be found at medicare.gov.