Open Enrollment Season Approaches: Time to Evaluate Your Medicare Options

As open enrollment season draws near, experts are urging seniors to reassess their Medicare plans to ensure they align with their current health needs. Mykel and Donald Doe from Family Financial Consultants recently spoke with Shawn Cabbagestalk to clarify the distinctions between Medicare and Medicaid, guide seniors in selecting the right plan, and highlight crucial considerations before making any changes.

Medicare is a federal initiative catering primarily to individuals aged 65 and over, or those with specific disabilities. In contrast, Medicaid is a state-administered program linked to income eligibility.

Choosing the most suitable plan largely depends on your specific health requirements, Mykel noted. Some individuals might prioritize comprehensive dental and vision coverage, while others may seek more medical flexibility. Medicare Advantage plans often provide a comprehensive package that includes medical, dental, vision, hearing, and fitness benefits, though they may also involve copayments.

Alternatively, supplemental plans offer another route. These plans involve a monthly premium, but after meeting the deductible, many medical services are covered in full. It’s important to note, however, that these plans do not cover dental, vision, or prescription drugs, necessitating separate plans for those services.

She also stressed the importance of understanding hospital and rehab coverage. Many plans cover a set number of days in a facility — for example, the first 20 days at no cost — before copays begin.

They also discussed “ancillary” coverage, such as hospital plans, which can help offset daily copays that quickly add up during a hospital stay. “It’s about the price versus the cost,” Donald said. “That $30 plan might seem like an extra expense now, but it can save you thousands later.”

The team helps clients apply for programs like the Medicare Savings Program and Extra Help, which assist with monthly premiums and prescription drug costs for those on fixed incomes. These applications take just minutes but can make a huge difference.

Family Financial Consultants is located on Georgia Avenue in North Augusta and works with brokers across the CSRA. For more information, you can find Family Financial Consultants on Facebook and Instagram, or email info@myfcs.com.