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Medicare’s annual enrollment period is now open – here are your options

The Medicare Advantage and Prescription Drug Plan annual election period is now open and anyone interested can enroll until December 7, 2022.

During this enrollment period, Medicare-eligible individuals can choose Medicare Advantage and Prescription Drug plans for the upcoming year.

This coverage begins to act on January 1, 2023.

Medicare eligibility begins three months before you turn 65, and coverage begins the day you turn 65.

If you have a disability and enroll in any of the three months before you get Medicare, your coverage begins on the first day of your 25th month of disability benefit entitlement.

Medicare Advantage plans provide members with savings in the form of lower out-of-pocket and reduced premiums, as well as out-of-pocket limits.

Medicare Advantage members reported spending $2,000 less on out-of-pocket expenses, compared to Medicare’s fee-for-service.

Unlike fee-for-service, Medicare Advantage plans often include affordable prescription drug coverage. For Humana members, 100% of savings from manufacturer rebates and rebates in pharmacy programs are returned to members through lower premiums and enhanced benefits.

These members had a more than 30% lower level of emergency department visits and a 40% lower level of inpatient hospital care.

If you’re looking for a simple, all-inclusive plan:

  • Part B premium reduction: The plan insurer will pay part or all of your monthly Part B premium. The amount covered can range from 10 cents to the full Part B premium cost (170. $10 in 2022). To be eligible, you must be enrolled in original Medicare Parts A and B. You are not eligible if you are receiving Medicaid or any government assistance.
  • Over-the-counter benefit: Depending on your plan, Medicare members may receive an allowance to help them save money on over-the-counter products like vitamins, painkillers, cough and cold medicine, supplies first aid and more.
  • Dental coverage: Many Humana Medicare Advantage plans include coverage for dental exams, x-rays, and some include coverage for fillings, extractions, dentures, and crowns.
  • Insulin Savings Program: Many plans include the Part D Seniors Savings Model, where eligible members will pay $35 for up to 30 days’ supply of select insulins on participating plans . See the list of insulins covered here.
  • Telehealth Coverage: Medicare Advantage members can access most network telehealth services for a $0 co-pay. This includes primary care, urgent care, and behavioral health services from participating network providers.

If you need a plan with support due to a chronic illness:

  • Combines all the benefits of original Medicare (Parts A and B) with prescription drug coverage (Part D), but is only available to beneficiaries who have an additional qualifying condition. For example, those with a specific chronic health condition are eligible for both Medicare and Medicaid and reside in a long-term care facility.
  • The two Medicare plans for special needs are Medicare C-SNPs (diabetes mellitus, cardiovascular disorders, chronic heart failure, and chronic lung disorders) and Medicare D-SNPs (people who are eligible for Medicare and who are also eligible for assistance from a state Medicaid program).

If you are looking for a plan to cover only your prescriptions:

  • A stand-alone drug plan: If you choose Original Medicare, you can purchase a Part D plan to supplement your coverage. Adding this Part D plan can help pay for your prescriptions and can protect you from high drug costs.
  • Medicare Advantage Program with Integrated Prescription Drug Coverage: This includes all original Medicare benefits and prescription drug coverage.

Whether you want a specific plan for a condition, a prescription-only plan, or an all-inclusive plan, click here to learn more.