HOUSTON – Medicare open enrollment began this week and ends on Dec. 7.
Ari Parker, author of the Medicare Guidebook “It’s Not That Complicated,” said there are two big mistakes people on Medicare make: not appreciating that the plans change and not having enough coverage.
“Your needs change every single year. The doctors that you see, the medications that you take, and your priorities change, too,” Parker said. “The second mistake we see people make is that they don’t appreciate that Medicare only covers 80% of your medical expenses. To have comprehensive coverage, you need to review the other 20% of costs that you otherwise owe out-of-pocket.”
The biggest change coming in 2024
Those with Medicare Part D will find there’s a cap on out-of-pocket expenses.
“It’s a once-in-a-generation change. For the very first time, there’s going to be a maximum out-of-pocket cap on drug coverage. So last year, many seniors paid close to $10,000 for their prescriptions, (over a million seniors, in fact). For the upcoming year, there’s going to be a maximum out-of-pocket of roughly $3,300,” Parker said.
You’re only going to be able to take advantage of the legislative change that’s going into effect if you review your plan and make changes before the Dec. 7 deadline.
Other big changes
Mental healthcare may now be covered.
Telehealth will be covered for some patients, including for those in rural areas or with end-stage renal disease.