More than 65 million Americans will soon be bombarded with ads for Medicare healthcare plans whose open enrollment begins October 15 and runs through December 7.
Each year, Medicare health and drug plans can change things like cost, coverage, and what providers and pharmacies are in their networks. During open enrollment, people with Medicare can change their health plans and prescription drug coverage for the following year to better meet their needs — whether dictated by health changes, finances or something else.
The options, though, seem endless.
You can choose the federal government’s original Medicare and its drug supplement, or pick from a growing number of Medicare Advantage plans offered by private insurers approved by Medicare. Last year, nearly 4,000 Medicare Advantage plans were available nationwide, according to the nonprofit KFF, which focuses on healthcare policy. The average Medicare beneficiary could choose from 43 of those plans, more than double the average number available in 2018 and the highest since KFF began tracking options in 2010.
No wonder choosing a healthcare plan can feel overwhelming and confusing. Nevertheless, it’s an important decision that can hit your budget hard if you’re not careful.
With so much at stake, here’s what you need to know to make the right decision.
What’s the difference between original Medicare and Medicare Advantage?
Original, or traditional, Medicare:
- Includes Medicare Part A, which covers inpatient…
