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Medicare Annual Open Enrollment – For People with Original Medicare and a Medicare Supplement. May also have a separate
Part D prescription plan.
Original Medicare combined with a Medicare Supplement is a simple healthcare solution. The benefits of the Medicare Supplement do not change. Typically people have Plan G or Plan N, and some older beneficiaries may have Plan F. If you wish to remain in Original Medicare and keep your supplement in place, no action is required on your part. Medicare supplements are also portable, meaning should you move from one state to another, you get to keep your Medicare Supplement.
Additionally, Original Medicare does not have networks like HMO or PPO. Latest estimates are 98% of non-pediatric physicians accept Original Medicare, and a traditional Medicare Supplement, by law, must pay according it’s plan design, when the physician accepts Medicare.
The parts of this puzzle that typically change is:
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Medicare Part B premium typically increases effective January 1 of each year. For most people, this premium is deducted from your Social Security benefits and for many people, goes sight unseen.
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Medicare Supplements can raise premiums throughout the year, however by law, any premium increase must be the same for all people with the same policy.
If your current Medicare Supplement plan premium is becoming a concern, complete a form by clicking the button below and we will see if we can find a lower premium or help you evaluate if a Medicare Advantage plan could provide premium relief.
Do you also have a Medicare Part D plan?
If so, Part D plans typically change premiums, deductible and cost sharing amounts annually, and you should review the ANOC or Annual Notice of Change Document your plan is required by law to send to you. Since the IRA or Inflation Reduction Act took effect in 2024, cost to Part D plans have increased, since the IRA set a maximum out of pocket cap on members costs. All costs above this cap must now by covered 100% by the Part D plan.
Part D plans have experienced increased costs, and passed those costs along in the form of higher monthly Part D plan premiums, increased deductibles and other cost sharing. Many Part D plans now also suppress their plan information from the software insurance agents use to compare Part D plans, which makes it incredibly difficult for us agents to do our job.
To compare Part D plans, people with Medicare have two options
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Self compare using the plan finder tool on www.medicare.gov. This works best if you create an account as you won’t have to re-enter your prescription information each time you check.
2. Second option is to use a service we have had recommended to us. HeyMOE or Hey Medicare Open Enrollment. They are not insurance agents and they charge $30 yearly for the work they do. You can learn more about Hey MOE by clicking the button below.