Prepare for the annual health insurance
Prepare for the annual health insurance
Resources help seniors prepare for the annual Medicare election period
Health insurance annual enrollment period (AEP), often called open enrollment, begins on October 15 each year.
Each year, Health insurance and Health insurance plans can make changes to the costs (premiums) and coverage offered, as well as service providers and pharmacies in their network. And AEP is when millions of people who have Health insurance can change their Health insurance plans and generally cover prescription drugs for the following year.
Here are some tips to help consumers find the best planning and cost options.
About 22 million people enjoy coverage through the Health insurance Advantage Plan. That's about a third of the total Health-insurance-eligible population. In some states like California and Oregon, 40 to 42 percent of all Health insurance recipients have a Health insurance Advantage plan. In Alaska only one percent and only three percent in Wyoming.
Today, many Health insurance Advantage plans offer zero plan costs and several additional benefits that all look good. However, they can have high discounts that can cost thousands of dollars if you stay in the hospital.
If you choose Health insurance Advantage or are considering switching under AEP, it is important that you understand the full package and the potential costs you may have.
Approximately 15 million people have chosen Health insurance supplementary insurance plan, also called Medigap. These plans offer a variety of options, delimited by alphabetical letters, such as A, C, G, and N.
According to the 2020 Health Insurance Price Index released by the American Association of Supplementary Health insurance, there can be great variation in Medigap insurance rates. The AAMSI Index is a valuable resource for consumers who want to know the lowest and highest prices for nearly 100 leading cities across the United States. The cost differences for Medigap G, the most popular choice among 65-year-olds, can be significant. In Atlanta, just one of the cities mentioned, a 65-year-old woman may be able to pay as little as $ 102 a month or up to $ 244 a month for Health insurance coverage that is roughly identical to Plan G's.
Another important thing to know is that some plans offer home discounts. Potential savings can be as high as 14 percent. For those considering Medigap coverage, ask about the company's history of increasing premium rates. This can be a valuable indicator of what to expect in the future.
The Health insurance.gov website is a great resource for consumers. However, experts point out that commuting can be difficult and that there are some important things that the government does not tell you. The AAMSI Web site has 18 things that every consumer should know that Health insurance.gov may not clearly explain.
Some of the best sources of information are local Health insurance agents who specialize in helping seniors compare plan options and rates. The best people know which healthcare professionals are participating in the various programs and what colleagues residing in the area have to say about the specific plan.
The list of health insurance agents can be accessed online. Unlike other sites that want to collect your information for future marketing, this guide is available for free and completely private to use.
Health insurance annual AEP lasts only a few weeks and ends on December 7th. With about 61 million Americans in Health insurance, it's important to act early in this period. Waiting can be a costly mistake.
Jesse Salloum is the director of the American Society of Long-Term Care Health insurance and the American Association of Supplementary Health insurance. These organizations are committed to the importance of planning and provide useful information to help consumers as well as insurers.
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