Enrollment & Disenrollment in Medicare Advantage Plans
In addition, there are Special Election Periods (SEPs) during which you may be able to enroll in or disenroll from your MA plan, depending on your situation. For example, if you move out of your plan’s service area, you have a Special Election Period (of up to 3 months) to disenroll from your plan and join a plan available in your new location. See Special Election Periods (SEPs).
Medicare Open Enrollment 2015
Doughnut hole: A gap in prescription drug benefits. In 2015, Part D enrollees will pay a monthly premium and may, depending on the plan, pay a deductible on prescriptions. Once any deductible is met, they pay copayments or co-insurance for their drugs until total drug spending – what the plan pays and what the enrollee pays combined – reaches $2,970 for the year. Then the enrollee pays 47.5 percent of the cost of brand-name drugs and 79 percent of the cost of generics until total out-of-pocket expenses for the year reach $4,750. After that, the enrollee reaches catastrophic coverage and pays only a small portion of drug costs, either 5 percent or copayments of $2.65 for generics and $6.60 for brands, whichever is more.
Projecting Medicare Advantage Enrollment: Expect the Unexpected?
It is not entirely clear why enrollment has continued to climb since 2010, or if the trend will continue at the current clip. Analysts believe that the bonus payments have certainly helped to mitigate the effects of payment reductions, and that plans appear to be doing more to reduce their costs. Some speculate that Medicare Advantage plans are benefitting from the slowdown in medical spending, enabling them to keep premiums low. Others ascribe the growth in enrollment to the influx of baby boomers who may have greater comfort with managed care plans than previous generations. As additional payment reductions are phased in over the next few years, the growth in enrollment could stall or even reverse, if plans pull out of the market because they feel they cannot operate profitably. Even if enrollment continues to increase, there is some speculation that plans may scale back benefits and/or increase cost-sharing in response to reductions in Medicare payments and the soon-to-be implemented annual fee on health insurance that was enacted in the ACA, which also applies to Medicare Advantage.
Medicare Open Enrollment FAQ
A: If you’re enrolled in Medicare, you’re not eligible for the tax credits that some people qualify for on the marketplaces, but you already get a substantial break on costs. The overall costs of care under Medicare Part B, which pays doctors’ visits, and Part D, the prescription drug benefit, are subsidized 75 percent from federal general revenues. Plus, if you’re a Medicare beneficiary with limited resources and income, you may qualify for low-cost Part D drug coverage under the Extra Help program. Go to www.ssa.gov, call 800-772-1213 or visit your local Social Security office.
Blue Medicare Advantage Enrollment
You can enroll through our secure and convenient Blue Cross Medicare Advantage online form beginning October 15, 2014. Medicare beneficiaries may also enroll in Blue Cross Medicare Advantage through the CMS Medicare Online Enrollment Center located at http://www.medicare.gov .