By Trish Pearson
Insure Your Future
Trish Pearson
With the onset of open enrollment, I have spoken with many people over the past two weeks and heard several concerns about the future of Medicare.
To put it simply: the reports of its demise are greatly exaggerated. Medicare is still intact as we know it. Part A will still cover hospital stays, with no premium; Part B will cover 80 percent of all other medical expenses, and the standard monthly premium will be $206. Part D prescription plans will still cover medications with a $2,100 out-of-pocket maximum. Part C (Medicare Advantage plans) will still be available.
However, some insurance companies will no longer offer $0 premium plans in Connecticut, which means some people will have to seek alternatives. There are still plenty of good and affordable options available with a variety of carriers. Some added benefits such as dental, eyewear allowance, over-the-counter benefits and hearing aids may be reduced. However, the core medical benefits will still be, some with slightly higher copays. This is the most important part of a Medicare Advantage plan because it protects us from the greatest potential expenses.
This is also the time of year when the scary, predatory phone calls, texts and emails begin. Be prepared to ignore all of them. Never speak to someone over the phone about health insurance unless you know them. Make an appointment to speak with a licensed insurance agent or attend a presentation at the area library or senior center. The phone calls come from paid telemarketers who get you on the phone, engage in conversation and then connect you with an insurance agent who may be in Wisconsin, Wyoming or Washington. You will never speak with them again if you have a problem or a follow-up question.
There is no joy in Mudville, also known as renewal and open enrollment for those who get their health insurance through the Access Health CT exchange. Renewal letters began going out from Anthem and ConnectiCare last week. Premiums have increased 10 percent on average, and advanced premium tax credits have decreased to pre-2021 levels. This means the net cost for many households for health insurance has increased dramatically.
There is no magic bullet solution. The hope is that Congress will realize the severity of the situation and extend the current tax credits using current income eligibility rules, which will reduce the net premium cost. The best advice is to wait on renewing current coverage in the hope that adjustments will be made. Open enrollment for individual plans is Nov. 1 to Dec. 15.. Waiting until Dec. 1 is a good idea.
Many people believe that health insurance is a right, not a privilege. We expect people to make health insurance a priority to protect themselves against a mountain of medical debt and to pay something for it. At the same time, we should expect elected leaders in this country to make it a priority to keep health insurance affordable. Perhaps ballrooms and private jets could wait?
Trish Pearson is a licensed independent insurance agent and certified long term care specialist. Contact her at 203-640-5969 or trishpearson281@gmail.com.