Medicare open enrollment is underway and it is the time of year when other public health coverage programs and employer-sponsored plans carry out their sign-ups, so Minnesotans are being encouraged to weigh their options.
Advisers said reducing health care costs involves more than focusing on monthly premiums. You should also compare a plan's copays and deductibles.
Gina LaBounty, Medicare manager for the Twin Cities-based insurance brokerage Benafica, said for Medicare enrollees, finding the right fit for prescription drug coverage and changes to in-network providers are the most important things to not gloss over. She stressed you do not want to be caught off guard.
"Usually, there's an annual notice of change that gets mailed out, so tuning in to that annual notice of change," LaBounty recommended. "But also just being aware that there are a couple of big insurance carriers that are losing some network providers that could have an impact on who they're going to be able to see next year."
Original Medicare does not cover prescription drugs, so what's known as a Part D plan is needed for medications. Starting in 2025, these will include a $2,000 cap on what you pay out-of-pocket cap for prescription drugs covered by your plan.
Health policy analysts said there can be trade-offs when deciding between a traditional Medicare coverage option and a Medicare Advantage plan.
Dr. Rhonda Randall, chief medical officer and executive vice president of UnitedHealthcare Employer and Individual, said Advantage plans tend to cost more but they are worth considering for the additional benefits they provide.
"Things like dental, vision and hearing," Randall outlined. "Many Medicare beneficiaries might be surprised to know that original Medicare doesn't cover most of those things, but many Medicare Advantage plans do. I also recommend people to check for mental health coverage."
About 64% of Minnesotans signed up for Medicare have advantage plans. Program enrollment runs through Dec. 7. UnitedHealthcare offers an online guide for navigating Medicare.
Meanwhile, people with employer-sponsored health plans are also entering their enrollment season and sign up for MNsure, the state's health insurance exchange, begins Nov. 1.
