Aug 31 2009
Medicare Advantage Plans and the Open Enrollment Period Explained
Most people are already aware of the gaps within the original Medicare plan. For example, there's no " stop loss " feature. Other health insurance policies will pay 100 percent toward certain medical services after you meet your deductible, for example, you might have to pay $1,500 per year before your benefits will kick in. If you happen to have original Medicare and need hospital care or must enter a nursing home, this applies to you. Many people buy Medicare Supplemental (Medigap) Insurance policies to fill in the gaps within their existing coverage, which might include co-payments or deductibles. Some of the Medicare Advantage Plans cover all the same services Original Medicare covers, and potentially some it doesn't.
These plans are offered in some parts of the country through private long term care insurance companies, but are still part of the Medicare program. If you are planning to switch to a Medicare Advantage Plan, now's the perfect time. The open enrollment for Medicare Advantage plan extends from January 1st to March 31st. You are eligible for a Medicare Advantage Plan if you currently have Medicare Part A or Part B. You will, however, need to see doctors and use hospitals within the plan, much like you would with an HMO. If you'd like to switch plans, keep in mind that you cannot drop Medicare prescription drug coverage. If your existing plan has prescription drug coverage, then your new one needs to have it as well.
For more information on the plans available in your area, visit Medicare's web site or call 1-800-633-4227. Your new plan should be effective on the first of the month after your request is received. Are you still not sure of what Medicare plans cover? Gilbert Guide lists all of the major types of insurance as well as what they cover. For a detailed explanation, check out Gilbert Guide's Medicare Explained or Senior Care Reimbursement Overview, which will show you where each type of insurance pays benefits. That about covers it; Lori Deschene
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