Medicare premiums have lowered last three years
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This I got from medicare.gov in an open enrollment email.
"Mark your calendars — Medicare Open Enrollment starts October 15, 2020! It's your chance to review your coverage and see if you can save money next year. Plan premiums are at historic lows — they've dropped an average of 34% over the last 3 years, and in some states up to 60%! So you may be able find a less expensive plan that meets your needs.
Wondering what's new this Open Enrollment? Starting in 2021, some plans may offer a month's supply of insulin for as low as $35."
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Yes, they are probably talking about a Supplement or Advantage plan.
Last year I had an Advantage plan, this year I have a supplement plan.
I expect the base premium for Medicare Part B (roughly $1,735 annual premium depending on income) won't drop 60%.
The Supplement & Advantage plans are offered by private insurance companies. Premiums start at $0.00, yes you read that right some insurance plans cost zero dollars, and they have benefits. Private insurance plans are wonderful.
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@Mik said in Medicare premiums have lowered last three years:
This I got from medicare.gov in an open enrollment email.
"Mark your calendars — Medicare Open Enrollment starts October 15, 2020! It's your chance to review your coverage and see if you can save money next year. Plan premiums are at historic lows — they've dropped an average of 34% over the last 3 years, and in some states up to 60%! So you may be able find a less expensive plan that meets your needs.
Wondering what's new this Open Enrollment? Starting in 2021, some plans may offer a month's supply of insulin for as low as $35."
Do you know if that's like-for-like coverage? Or it's more plans offered with lower cost (and lower coverage) options?
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@xenon said in Medicare premiums have lowered last three years:
@Mik said in Medicare premiums have lowered last three years:
This I got from medicare.gov in an open enrollment email.
"Mark your calendars — Medicare Open Enrollment starts October 15, 2020! It's your chance to review your coverage and see if you can save money next year. Plan premiums are at historic lows — they've dropped an average of 34% over the last 3 years, and in some states up to 60%! So you may be able find a less expensive plan that meets your needs.
Wondering what's new this Open Enrollment? Starting in 2021, some plans may offer a month's supply of insulin for as low as $35."
Do you know if that's like-for-like coverage? Or it's more plans offered with lower cost (and lower coverage) options?
Got to wade through the plans, which is tough for some seniors. But...All plans have advantages and disadvantages, but if you pick the right plan for you, your costs can be lowered tremendously.
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Coverage is dictated by Medicare. It's the same no matter what kind of plan you pick. The difference is in where you can get care. With traditional Medicare/Supplemental/Part D you can go anywhere in the US, and the coverage outside the country is better. with Advantage plans it's an HMO or PPO plan so you have to be in network.
