Idaho 2024 Medicare AEP
Idaho 2024 Medicare AEP window opens 10/1/2024 and closes on 12/7/2024.
Residents enrolled in a Medicare Advantage plan read this.
- Certain insurance companies offering their Medicare Advantage plans to Idaho residents in 2024 …. statement to be completed the 1st week in October.
- Other insurance companies are… statement to be completed the 1st week in October.
What should you do if either item 1 or 2 happens to you?
Read the instructions in the ‘Annual notice of change’ document you received from your insurance company. If they state you have a ‘guaranteed issue’ to enroll in a Medigap plan, we recommend you consider this.
Why? 1) Every doctor/hospital in the US which ‘accepts Medicare’ is available to you. This means the network restrictions you have with a Medicare Advantage plan are no longer in place.
2). If you experienced the frustration of a ‘prior authorization’ from your Medicare Advantage plan, be aware they are minimized with ‘original Medicare’.
3). When you stay with Original Medicare, the annual ‘Medicare and You’ booklet is your reference on Medicare. We find this document is much easier to read and understand than the 250 – 300+ page ‘Evidence of Coverage’ (EOC) document. Each Medicare Advantage plan has it’s own EOC and is unique to that plan.
What else you need to know about the Medigap choice?
There is no ‘Maximum out of pocket limit’ (MOOP) when you stay with Original Medicare. This means if you are a moderate to high consumer of Medicare covered services, there is no ‘cap’ on your share of the left-over costs. A refresher of the Part A and B cost sharing is available here.
Cost sharing is one of the reasons Medigap plans were brought to market by private insurance companies. Each of these plans (10 of them) covers a different combination of the left over costs that Medicare Part A and B do not completely pay.
Examples: 1). Medigap Plan G covers all of your left over Part A and B covered services EXCEPT the annual Part B deductible. This deductible is $240 for 2024 and goes up a bit each year. After you pay this deductible, Plan G covers the balance of your Part A and B cost sharing for the rest of the calendar year.
2). Medigap Plan G Hi-deductible works just like Plan G with a few differences. Ths plan has a much lower monthly premium (when compared to Plan G) AND you pay for all left over Part A and B covered services until your total out of pocket cost hits this plans deductible. Medicare controls this figure, it goes up annually. The 2024 figure is $2,800. This amount is about 1/2 of the lowest MOOP figure in any Idaho Medicare Advantage plan.
3). Medigap plan F pays for all of your left-over Part A and B cost sharing. If you enrolled in Medicare prior to 1/1/2020, you can still enroll in this plan if you have a valid ‘special enrollment period’. If you lost your Medicare Advantage plan (for example it was cancelled by your insurance company) you can enroll in a Plan F.
How can I learn more about this option?
Call us. We have been helping Idaho residents with this choice since 2012. If you prefer to learn more before calling, read this information.
If the Medigap option isn’t available to me, how can I learn about my other 2024 Idaho Medicare AEP plan choices?
We suggest you work with an independent experienced Idaho based broker which specializes in Medicare health insurance and is licensed with all Medicare Advantage plans available to you. Their services do not cost you anything. They can offer a non-biased review of the plans available in your County of residence and help you understand their differences. Once you make up your mind on which plan meets your needs, they help you with the enrollment step. We can help you with this.
If you received an ‘Annual Notice of Change’ from the insurance company offering your Part D ‘stand alone’ Medicare prescription drug plan.
- Certain companies….to be completed the 1st week in October.
- Other companies…to be completed the 1st week in October.
Read your Annual Notice of Change.
After reading this and you are unsure what to do, call us. We can answer your questions and help you with the ‘next step’.
Nearly 7 in 10 Medicare Beneficiaries Did Not Compare Plans During Medicare’s Open Enrollment Period.
“The marketplace of Medicare private plans operates on the premise that people with Medicare will compare plans during the open enrollment period to select the best source of coverage, given their individual needs and circumstances.
Coverage and costs vary widely among both Medicare Advantage plans and Part D prescription drug plans and can change from one year to the next, which could lead to unexpected and avoidable costs and disruptions in care for beneficiaries who do not review their options annually.
For example, changes in Medicare Advantage provider networks could mean beneficiaries lose access to their preferred doctors, while changes in the list of covered drugs and cost-sharing requirements could result in higher out-of-pocket drug costs. Further, beneficiaries’ health care needs can change from one year to the next.
Even without a change made by their plan or a change in health status, beneficiaries may be able to find a plan that better meets their individual needs or lowers their out-of-pocket costs.”
Click here to read the rest of this article.
Closing thoughts on Idaho 2024 Medicare AEP.
AEP is your annual opportunity to improve your Medicare health and drug plan coverage.
When you work with a broker specializing in Medicare, they can help you get this done annually. You do not have to wait until some outside situation to happen that is forcing you to change.
Remember, brokers are compensated by the insurance company whom you do business with. This does not affect your out-of-pocket costs. This is just a built-in ‘cost of doing business’ for them.
Most of the insurance companies pay the broker the Medicare permitted maximum. This means you should not be concerned with a broker favoring one company based on how much they are paid.
Remember, AEP ends on 12/7/2024.
We are here to help.
