CHARLOTTE, N.C. — With Medicare's open enrollment starting in October, anyone signing up for Medicare needs to consider if they want to stay on the same plan or make new choices.
Since benefits can change from year to year, and and your network of doctors or pharmacies can change too, it's important to do your research prior to the start of the enrollment period.
Medicare Advantage for United Healthcare Chief Consumer Officer Betsy Chin told WCNC Charlotte there are certain considerations when determining what type of Medicare plan is right for you.
The first thing to think about is your health needs.
"Think about what doctors they like to see, what conditions they're managing, and any prescriptions that they're taking," Chin explained. "All of those are gonna be a very important consideration to know what type of plan is right for them."
Chin said budget should be factored.
"Each type of Medicare plan has different costs associated with it," Chin said. "Some might have a premium. Others could have deductibles or copayments or coinsurance. So, think about, not only your health needs, but how much you can afford, what your budget is for next year."
Finally, Chin suggested thinking about the types of benefits you want in your plan.
"Original Medicare will cover what's known as Parts A and B, which is hospital coverage or outpatient care, doctors visits," Chin added. "But only some of the types of plans cover other things, like prescription drug coverage or some of the extra benefits like dental, vision and hearing coverage, fitness membership, even transportation."
Chin said there are major changes to Medicare Part D, the prescription drug coverage, as a result of the Inflation Reduction Act.
"The doughnut hole, which is the coverage gap that used to exist in the part D program," Chin said. "That is going away for next year. And the second thing is that the annual maximum out of pocket dollar amount is being reduced. So this year that maximum out of pocket dollar amount is $8,000. In 2025, it drops to just $2,000. So, lots of changes to the Medicare part D prescription drug program next year."
She said enrollees just want to be sure to check their plan, including their prescriptions to see if they are still covered and the costs.
Chin stressed Medicare is not one-size-fits-all and advised to take the time to understand your individual needs.
Contact Jane Monreal at jmonreal@wcnc.com and follow her on Facebook, X and Instagram.