Medicare’s Annual Enrollment Period (AEP) begins October 15 and continues through December 7. During that time, a Medicare beneficiary can review their coverages and determine whether any changes are needed for next year. ComPro can help you with this!
Coverage options include Medicare Supplements, Medicare Advantage Plans and Medicare Cost Plans. The choices continue to grow as the number of people age 65 and over increases. There will be new insurance companies and new products available in Nebraska for 2024.
If you have health benefits offered by an employer, you can keep the employer benefits for as long as you or your spouse are actively employed AND the employer coverage meets the “creditable coverage” test of Medicare. The decision on when to make the change to Medicare is often based on both the costs and the benefits.
Important Information about Medicare Advantage Plans
One of our most frequently-asked questions concerns Medicare Advantage plans. Television and mailboxes are full of advertising encouraging Medicare-eligible individuals to “get all that they are entitled to.” Medicare Advantage plans are a great option for some, but not all, people. It is true that these plans have a very low premium, some are $0. It is also true that most plans include benefits for vision, dental, hearing, gym memberships and over-the-counter medications. However, it is not free. The premium is low, but the policyholder will pay a copay or a percentage of cost for each medical service that is used up to the maximum out-of-pocket maximum. Here’s more details about Medicare Advantage Plans:
- The maximum out-of-pocket represents the most that would be paid for medical services. The maximum ranges from about $3,500 to $6,500 on plans that are available in Nebraska in 2023.
- Copays are also charged for prescription medications. Dental, vision and hearing benefits include an annual exam at no charge, but you will still pay a portion of the cost for dental work, eye wear and hearing aids.
- You are also required to use in-network doctors and hospitals to receive the best benefits.
- Much of this advertising falsely leads people to believe that it is all free. That is simply not the case except for those individuals who are very low income.
- Healthier individuals and those with more tolerance for risk are good candidates for a Medicare Advantage plan. Those with chronic health conditions are not.
The ComPro Team helps their clients compare the Medicare options available. To identify the costs and benefits of each plan so that a well-informed decision can be made.
Got questions about your health insurance? Contact ComPro at (402) 488-5100. They are your trusted and local resource for health insurance plans for Medicare, Individuals and Employee Benefits! For more info, visit www.comproins.com.