During open enrollment, take a hard look at Part D and Medicare Advantage plans.
If you have a medicare part D prescription-drug plan or a Medicare Advantage plan (which combines medical and drug coverage), you have an opportunity to switch plans every year during open enrollment, which runs from October 15 to December 7.
Many people put their Medicare Advantage and Part D plans on autopilot, although the choice of plans, costs and coverage, as well as your health care needs, can change from year to year. Sticking with the status quo could be a costly mistake in the coming year, because there have been major changes in benefits and coverage.
“Individuals are going to have to be much more conscious about their health care needs when they choose a plan for 2019,” says Tatiana Fassieux, of California Health Advocates, which runs the state’s Medicare counseling program. More insurers are offering plans with low premiums, but there are trade-offs, such as higher co-payments for drugs or smaller provider networks. If you’re healthy, these plans could save you money. But a low premium plan could end up costing you more if you have expensive medications or a lot of health care needs.
CUT THE COST OF PART D
The average premium for Part D plans is decreasing by $1 per month in 2019, to $32.50, according to the Centers for Medicare and Medicaid Services. New plans are entering the market (such as those from Mutual of Omaha, which offers popular Medicare supplemental insurance, or “medigap,” plans), and more insurers are introducing prescription-drug plans with lower premiums.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
MAKING A DIFFERENCE IN THE LIVES OF DISABLED VETERANS
He suffered grave injuries in the line of duty. Now he helps other veterans who have disabilities.
DO YOU NEED UMBRELLA INSURANCE?
A policy can protect you from financially devastating events.
Navigating Finances as a Blended Family
Money matters can get complicated when two families unite. Planning is key.
BREAKING UP WITH YOUR BROKER
Be aware of these challenges when you move your money to a new home.
CHOOSE A MEDICARE PLAN THAT'S RIGHT FOR YOU
Consider your health care needs over the long term as you weigh costs and coverage.
Keep Faith in These Stocks
IN 1997, I coined the phrase “faith-based investing.” It has nothing to do with religion or with picking stocks at random.
OUR ESG PICKS ARE THRIVING
Despite an ongoing backlash, our favorite stocks and funds focused on environmental, social and corporate governance issues had a good year overall.
MONEY MANNERS FOR THE MODERN AGE
The customs for splitting a restaurant check, purchasing a wedding gift, tipping and more have evolved. These guidelines can help.
ELECTION 2024: POLITICS AND YOUR PORTFOLIO
Who wins the White House matters—but only at the margins when it comes to your investments.
YOUR GUIDE TO OPEN ENROLLMENT
With health care costs on the rise, it’s critical to select a plan that fits your needs at the right price.