Beginning Tuesday, Oct. 15, Medicare enrollees have 54 days — until Dec. 7 — to review their medical and prescription drug coverage and make sure the plans they subscribe to best meet their needs.
The decisions you make during this open-enrollment period will take effect in January 2020.
New for 2020
CMS has redesigned the Medicare Plan Finder website and will help to compare prescription drug plans side by side, including information about preferred pharmacies and what they cost compared, for example, with ordering a drug by mail. This is a very important feature, as the deductible is only a part of the decision making. Formularies, the list of prescriptions that are covered, are often even more important that the actual deductible. You want to make sure your prescriptions are covered.
Also in 2020, Medicare Advantage plans will be able to offer an expanded set of supplemental benefits. Be aware that not all MA plans off the same supplemental services. CMS officials say enrollees can check out which plans have extra benefits on the new Plan Finder site.
Beneficiaries who take many medications, especially expensive ones, could be in for some out-of-pocket sticker shock in 2020. After satisfying any deductible that their plan has (a maximum one of $415 in 2019 and $435 in 2020), beneficiaries are responsible for 25 percent of the cost of their drugs until they reach an out-of-pocket spending threshold and enter catastrophic coverage, where they have to pay just 5 percent of drug costs for the rest of the year. This year that threshold is $5,100, but in 2020, it will increase to $6,350. Based on how the benefit works, this means that people who take only brand-name drugs could have to pay about $400 more out of pocket before they qualify for catastrophic coverage.
Getting help
There are a variety of ways you can get personalized help as you wend your way through the open-enrollment process. You can use the Medicare.gov online chat feature throughout open enrollment. The Medicare hotline, 800-MEDICARE (800-633-4227), is open 24 hours a day, seven days a week. You may also call your local State Health Insurance and Assistance Program (SHIP) to speak with a Medicare counselor.
