Free advice can save you hundreds during Medicare open enrollment period (Oct. 15 - Dec.7)
It's open enrollment for Medicare. From Oct. 15 to Dec. 7, the 64 million Americans enrolled in Medicare can change their Medicare plans without penalty and save some seniors hundreds or even thousands of dollars.
Posted — Updated"My prescription costs have gone way up," my mom told me by phone yesterday. "And your dad's, too."
If you or your parents are on Medicare, it's a good time to check your updated costs for the coming year. Each year, insurance companies revise formularies, deductibles, co-pays and premiums. While a treatment or drug might be covered by a plan one year, it might not be the following year. Likewise, an individual's healthcare needs or medication list might also change dramatically.
In fact, in 2019, when Shea’s insurance marketplace analyzed 111,000 user sessions over the course of open enrollment, they found that customers who used eHealth’s prescription drug coverage comparison tool to shop for Medicare Advantage prescription drug plans had an average annual potential savings of $982. Given the state of the economy and the fact that Social Security benefits will only increase about 1.3% in 2021 (or $20 for the average recipient), $982 can be significant.
Of particular importance in 2021, there is a new Medicare "insulin savings" plan designed to reduce the cost of many types of insulin to no more than $35 a month and in some cases less than that amount. Brand name insulins are a part of this cost savings program. If you are on insulin, check your drug plan or Medicare Advantage Plan with drug coverage to determine if the insurance plan is participating in the program. Remember check to be sure you are using the “preferred” pharmacy to get the best drug prices
If you already have a relationship with a local insurance agent, it is fine to reach out to them, too.
If you are unable to reach a SHIIP volunteer in your county, call the state-wide SHIIP Helpline. They take your calls Monday through Friday from 8 a.m. to 5 p.m. at 855-408-1212. You can also email counselors at the state office: ncdoi.ncshiip@ncdoi.gov
Finally, for those needing information outside these hours, the Medicare Helpline has counselors 24/7 and can be reached here: 800-633-4227.
Any changes you make go into effect on Jan. 1, 2021.
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