Medicare Open Enrollment-2009

Saturday, November 15th is the first day that people 65 and older can choose a Medicare prescription drug plan for next year and experts warn seniors against automatically re-enrolling in the plan they have now without considering other options. It is important to look at the different drug plans according to what prescription drugs you are taking.

Some plans may or may not have the prescription you need while another plan does. Many of the dozens of competing drug plans have increased their prices and changed their offerings. It is also important to consider what the co-payments are, if your local pharmacy accepts the plan and whether or not there is coverage during the “donut hole” or “gap.”

The gap, or ‘doughnut hole,” refers to what happens when the total drug costs paid by the patient and the health insurance company rise above $2700. After that point, the patient is responsible for pay everything until costs reach $4350, when catastrophic coverage starts. Some plans pay for generic drugs during this “gap.”

November 15th through December 31st, 2008 is also open enrollment for Medicare Supplement or Advantage plans. This is also the time that you can switch to a different plan without any problems. The costs of the plans vary from carrier to carrier. New coverage and costs begin January 1, 2009. It is recommended that you do your homework with the help of an independent agent, one who represents many carriers. It is also important to check with your Doctors to see if they accept Medicare.

Medigap policies can be sold in only 12 standardized plans, "A" through "L". In other words, the benefits covered by Medigap Plan A are the same regardless of which health insurance carrier is offering Plan A. However, health insurance carriers may charge different prices for the same Medigap plan. Here is a good place for comparative quotes for Medicare