Answers
I'm choosing a plan
Open enrollment, a new job, or turning 65. The plan documents are written to be skimmed, and the few numbers that matter are easy to miss.
Answers
- I'm choosing a planPremium, deductible, out-of-pocket maximum — which one matters?
All three matter, but the out-of-pocket maximum decides your worst year. Add it to a year of premiums to see the most you could pay.
- I'm choosing a planWhat's this Annual Notice of Change letter from my plan?
The ANOC is your plan's fall letter listing what changes on January 1. Read it and decide by December 7.
- I'm choosing a planHMO or PPO — which fits me?
An HMO keeps you in its network and often costs less. A PPO lets you go outside it, for more. Check your doctors first.
- I'm choosing a planIs my doctor still in network next year?
Networks change every year. Ask the plan and the doctor's office about the exact plan for next year, and get the answer in writing.
- I'm choosing a planWill my medication cost more next year?
It might. Drug lists and tiers can change each year. Check every medication against next year's formulary before you pick a plan.
- I'm choosing a planWho pays the person helping me pick a plan?
Usually the insurance company, through a commission. Free help with no commission exists: SHIP for Medicare, Navigators for the Marketplace.
- I'm choosing a planI picked the wrong Medicare plan — can I still switch?
Often, yes. One switch is allowed January 1 to March 31 from an Advantage plan. Life events open other periods. Check Medicare.gov.
- I'm choosing a planI lost my job — COBRA or the Marketplace?
You have 60 days either way. COBRA keeps your plan at full price; the Marketplace may cost less with a subsidy. Compare both before you pay.
- I'm choosing a planTurning 65: when do I sign up for Medicare?
Your 7-month Initial Enrollment Period surrounds your 65th birthday month. Sign up in it unless you still have coverage from a job with 20 or more employees.
- I'm choosing a planWhat do Medicare Parts A, B, C and D each cover?
A is hospital, B is doctors, D is drugs. C (Medicare Advantage) is a private bundle of A and B, usually with D, that has its own network.