ANNUAL ENROLLMENT PERIOD (AEP) FOR MEDICARE IS ABOUT TO BEGIN

The Annual Enrollment Period (AEP) for Medicare is October 15th through December 7th.  That is the time for all Medicare beneficiaries to review their coverage for 2020 to determine if any changes should be made.  The number of people enrolled in Medicare is growing rapidly as Baby Boomers age into Medicare at the rate of over 10,000 people per day! Insurance companies have broadened their portfolio of Medicare products and expanded into new states and counties. Nebraskans will have more choices for 2020 than ever before!


IMPORTANT ENROLLMENT DEFINITIONS

Medicare Supplement: Also known as Medigap. You pay a monthly premium to an insurance company.  Medicare will pay its share of the Medicare-approved amount for covered health care costs, and then your policy pays its share. A Medicare Supplement offers maximum flexibility to use any doctor or hospital that accepts Medicare and minimizes your out-of-pocket costs for medical expenses.  It does not cover vision, dental, hearing, outpatient prescriptions, long-term care, and other costs that are not “medical.” A Medicare Supplement offers a “once in a lifetime” guarantee issue when someone is newly eligible for Medicare. The policy automatically renews until it is canceled.

Prescription Drug Plan (PDP): May also be called a Part D plan. A PDP is an insurance plan purchased from an insurance company that provides a benefit that will lower your cost for prescription drugs. You typically pay a monthly premium and a co-pay for each medication. There may also be a deductible. A PDP is used with a Medicare Supplement and may also be used with certain Medicare Advantage or Cost Plans. During AEP, a new plan can be selected for the next year and is guaranteed.

Medicare Advantage Plan: Advantage plans typically combine medical and prescription costs under one policy and may also offer additional benefits for dental, vision, & hearing, and other value-added services.  Plans are offered as HMOs with a limited network of providers, PPOs with broader networks of providers, PFFS – Private Fee for Service – which are subject to a provider’s decision to accept the plan, and other specialized options. Advantage plans generally have very low, even $0 monthly premiums; so, the policyholder saves on premiums but will pay a share of the services as they are used. Each policy has a maximum out-of-pocket expense. During the AEP, a new plan can be selected for the next year with guaranteed acceptance. Advantage plan availability varies by county.

Medicare Cost Plan: A cost plan will be offered to Nebraskans in 2020 that live in certain rural counties.  It may be considered a hybrid plan that offers some benefits like an Advantage plan and some like a Supplement plan. The plan offered in Nebraska will not include a Prescription Drug benefit so that a stand-alone PDP will be used with the Cost Plan.


If your current coverage is a Medicare Supplement Plan + a Prescription Drug Plan:
  • Your Medicare Supplement will automatically renew unless you cancel it. Your choices include

    • Keep the policy you have.

    • Apply for coverage with a different Medicare Supplement to lower your premium. A new policy is NOT guaranteed. You must provide your health history on the application.  The insurance company will determine if you are approved or declined for a new policy.

    • Change from a Medicare Supplement to a Medicare Advantage plan or Cost Plan, if one is available in your county. Advantage and Cost plans are guaranteed. For most people, there is a Trial Period that allows you to try an Advantage Plan for up to 12 months and gives you guaranteed eligibility to go back to a Medicare Supplement. Once you go beyond 12 months on the Advantage Plan, you can only go back to the Supplement if you are approved for coverage.

  • Your Prescription Drug Plan will automatically renew unless you cancel it or enroll in a different plan.  Your choices are:

    • Keep the plan you have

    • Apply for a new plan. Coverage is guaranteed.

    • Change to a Medicare Advantage plan. It is also guaranteed. This will replace both your Medicare Supplement and Prescription Drug Plan.

If your current coverage is a Medicare Advantage Plan:

  • Your Medicare Advantage Plan will automatically renew unless you cancel it or enroll in a different plan. Your choices are:

    • Keep the plan you have.

    • Apply for a new plan. Coverage is guaranteed.

    • Change to a Medicare Cost plan (if available) + Prescription Drug Plan.

    • Change to a Medicare Supplement + Prescription Drug Plan. A Medicare Supplement is not guaranteed unless you are within a trial period.


WHAT YOU NEED TO DO:
The ComPro team will show you all your options and guide you through the process of selecting the coverage that fits you.

The best place to start is to send us your current list of medications. We will review your drug coverage to determine if a change is recommended. Then we will talk with you to review your options.

Your medication list should include the name of the medication, the dosage that you use, and the frequency that you take it. Please include the pharmacy that you prefer too.

Send your list to ComPro:

Email to KDudley@comproins.com

Fax to 402.488.5141 Attn: Kathy Dudley

Mail to ComPro Attn: Kathy Dudley 1040 N Cotner Blvd Lincoln, NE 68505

If you have questions or want to schedule an appointment, please call us at 402.488.5100

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