The Medicare Advantage and Prescription Drug Plan Annual Election Period is now open, and anyone interested can enroll through Dec. 7, 2022.
During this enrollment period, people that are eligible for Medicare can choose Medicare Advantage and Prescription Drug plans for the upcoming year.
That coverage begins to take action Jan. 1, 2023.
Eligibility for Medicare begins three months before turning 65, and coverage begins the day you turn 65.
If you have a disability and you join during one of the three months before you get Medicare, your coverage begins the first day of your 25th month of entitlement to disability payments.
Medicare Advantage Plans provide savings to members in the form of lower out-of-pocket costs and reduced premiums, as well as limits on out-of-pocket costs.
Medicare Advantage members reported spending $2,000 less on out-of-pocket costs, compared to fee-for-service Medicare.
Unlike fee-for-service, Medicare Advantage plans often include affordable prescription drug coverage. For Humana members, 100 percent of the savings achieved through manufacturer rebates and discounts in pharmacy programs are returned to members through lower premiums and improved benefits.
These members had more than a 30 percent lower level of emergency visits and 40 percent lower level of inpatient hospital care.
If you’re looking for a simple, all-inclusive plan:
- Part B premium reduction: The plan carrier will pay some or all of your Part B monthly 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 receive 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 OTC products like vitamins, pain relievers, cough and cold medicines, first-aid supplies and more.
- Coverage for Dental Care: 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 Senior Savings Model, where eligible members will pay $35 for up to a 30-day supply of select Insulins on participating plans. See the list of covered insulins here.
- Telehealth coverage: Medicare Advantage members can access most in-network telehealth services for a $0 copay. This includes primary care, urgent care and behavioral health services from participating in-network providers.
If you need a plan with support as a result of a chronic medical condition:
- Combines all the benefits of Original Medicare (Parts A and B) with prescription drug coverage (Part D), but is only available to those beneficiaries who have an additional qualifying condition. For example, those who have a specific chronic health condition, are eligible for both Medicare and Medicaid, and are a resident of a long-term care facility.
- The two Medicare special needs plans are Medicare C-SNPs (diabetes mellitus, cardiovascular disorders, chronic heart failure and chronic lung disorders) and Medicare D-SNPs (individuals who are entitled to Medicare and who are also eligible for assistance from a state Medicaid program).
If you’re looking for a plan to only cover your prescriptions:
- A stand alone prescription drug plan: If you opt for Original Medicare, you can buy a Part D plan to complement your coverage. Adding this Part D plan can help you pay for your prescriptions and may protect you from high drug costs.
- The Medicare Advantage Program with prescription drug coverage built in: This includes all the benefits of original Medicare and coverage for prescription drugs.
Whether you want a specific plan for a condition, a plan to cover just prescriptions, or one all-inclusive plan click here to learn more.