Explore Health Insurance Options During Open Enrollment October 4, 2024 Every fall, Medicare recipients and those on employer health insurance plans have an opportunity to review and change their insurance plans or coverage options. If you’ve been thinking about making changes to your coverage for next year, here are some things you should consider: Look at your total annual out‑of‑pocket costs. Premiums only tell part of the story. Be sure to include monthly premiums, copays, coinsurance and deductibles when deciding which plan offers the most value for your needs. Plans with a maximum out‑of‑pocket benefit also offer a set limit on your total annual out‑of‑pocket spending, providing additional peace of mind and another way to manage costs. Check the provider network. Make sure your current doctors, hospitals and other important providers are considered as in-network providers, offering you the best cost-shares available. Review your prescription drug coverage. While drugs may be added or removed from your plan’s formulary (the list of covered drugs) throughout the year, most changes in drug coverage happen on Jan. 1. Drug tiers, copays and the list of drugs covered by your plan may change from year to year. New restrictions or limitations may also apply. It’s important to be aware of anything that may adversely affect your coverage. Look for changes in coverage for working partners and children. If you are on an employer health plan, review any increases in the employee premium contributions for spousal or dependent coverage. Also look for any new surcharges your plan may be adding to cover spouses eligible for other insurance through their workplace. These surcharges can exceed $100 per month, above and beyond the premium contributions, so it’s something to watch for. Your employer should keep you informed about your plan’s changes for the coming year, how to enroll and your enrollment period. Medicare Open Enrollment Begins Oct. 15 Whether enrolled in an Original Medicare, Medicare Advantage or Medicare Supplement plan, Medicare recipients can take advantage of this period each year — Oct. 15 through Dec. 7 — to switch to a new health plan or add to their existing Medicare insurance coverage for the following year. Original Medicare covers a lot, but it doesn’t cover everything. Medicare Advantage and Medicare Supplement plans often include extra coverage and benefits for hearing, vision, chiropractic, fitness memberships and more. Original Medicare and Medicare Supplement plans do not include coverage for prescription drugs, so you may need to purchase a separate Part D prescription drug plan. Medicare Advantage plans, however, often include prescription drug coverage without a separate premium. Your application must be received by your chosen health plan by the end of Medicare’s open enrollment period on Saturday, Dec. 7. Samaritan Health Plans offers Medicare Advantage plans to residents of Benton, Lincoln and Linn counties. Unsure of Which Medicare Plan to Choose? An insurance agent can help you make sense of your options and choose a plan based on your specific health care and coverage needs. Samaritan Health Plans partners with nearly 200 knowledgeable, licensed agents — most of whom are local with offices right here in our communities. Learn which insurance plans contract with Samaritan Health Services.
