The changing and competitive nature of the Medicare market is the major reason for comparing plans
This is the time that the 60 million-plus Medicare beneficiaries can switch from traditional Medicare to a Medicare Advantage plan , switch between Medicare Advantage plans, and elect or switch between Medicare Part D prescription drug plans.
“With so many Medicare plan options now available, it’s generally a good idea for beneficiaries to take a look at other available plans because they may find a plan that provides better coverage for lower costs,” said Neuman. Beneficiaries should be especially aware of the new plans from their current insurer or the new plans from other insurers introduced each year. “The Medicare market is very competitive among insurers, and they frequently introduce new, enticing plans to attract new people without specifically offering them to their existing customers,”said Elaine Floyd, author of Savvy Medicare Planning for Boomers.
Plus, beneficiaries in each state had the choice of multiple stand-alone prescription drug plans, ranging from 19 in New York to 28 in Arizona. 22 million seniors have stand-alone Medicare drug plan coverage . So, given the complexity of the task , what should you focus on? Experts say there are five things to consider when comparing options and deciding which plan to select for 2024.
In addition, check whether doctors and other providers in the plan’s network are taking new patients. Check too if referrals are required to see specialists for the different plans. Of note, the Inflation Reduction Act affects Part D coverage in many ways, according to KFF. For instance, the law adds a hard cap on out-of-pocket drug spending under Part D of $2,000 in 2025. And Part D enrollees pay no more than $35 per month for covered insulin products in all Part D plans.Beneficiaries should compare the premiums, deductibles, copays, coinsurance, and the maximum out-of-pocket costs associated with different Medicare Advantage plans, as well as the value of extra benefits.
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