Medicare open enrollment runs from Oct. 15 to Dec. 7, and it’s an important time for seniors to explore which Medicare option is right for them.
Here are five Medicare stats and a handful of tips for consumers to consider when shopping for coverage. These are courtesy of Chad Pendleton, CEO of UnitedHealthcare Medicare and Retirement here in Iowa.
Tips
• Check if your current coverage is still meeting your needs, and see if your benefits will change next year.
• Pay attention to more than just the monthly premium. You should also understand other out-of-pocket costs, including deductibles, copays and coinsurance.
• Make sure your medications are covered. Even if you don’t expect to change your coverage, it’s important to make sure your drugs will still be covered next year. Remember, costs can change from year to year as well.
• Confirm your preferred doctors and hospitals are available through the option you’re considering. Access to affordable, quality care is an important consideration when choosing coverage.
• Don’t forget about prescription drug coverage and additional benefits. Many people are surprised to find that original Medicare doesn’t cover prescription drugs and most dental, vision and hearing services. But many Medicare Advantage plans do.
Statistics
• 58.7 million – The number of people eligible for Medicare, including approximately 460,000 in Iowa. This number is expected to grow to more than 80 million by 2030, according to the Boards of Trustees of the Medicare trust funds.
• 39 percent – The percentage of Medicare beneficiaries who think Medicare is confusing, according to a recent UnitedHealthcare survey.
• 19.9 million – The number of people enrolled in Medicare Advantage, which combines Original Medicare Parts A and B into one plan and often includes prescription drug coverage and other benefits.
• 46 percent – The growth in Medicare Advantage enrollment over the last five years.
• 10,000 plus – The number of Americans turning 65 each day.