We're in the midst of Open Enrollment. Here is what you need to know

Open enrollment started in October and will end on December 7th. If you are happy with your current plan, it's a good idea to take a look at what offerings are available as your plan may have changed, or there might be something similar out there that will work better or just as well and cost you less. Remember, if you find something better you can change your plan, but you have to make the change by December 7th.

Your Online Search

To find out what plans are available for 2021, you can search online. Once you create your account or login, you can enter information such as the drugs you take and the services you use regularly to determine the best plan for you in 2021.

With your account, you can also store your prescription list, which will make your decision a bit easier each year. By using the planning tool at Medicare.gov, you can also determine any add-ons you need, such as for

• hearing aids
• new glasses
• dental coverage

Over the Phone

For those who aren't comfortable using the computer, you can call 1-800-MEDICARE for a conversation about the Medicare Advantage Plan. You can also contact your local medicare agent for information on Medicare assistance in your area.

Contact Your Local Senior Center

Your local senior center can also help, either by helping you through the computer searching process or by directing you to a knowledgeable insurance professional in the area who can help you find the right plan.

Many centers are offering limited hours and some are closed entirely. Call early and schedule an appointment soon so you can get the help you need to make your decision before the deadline.

Understanding the Alphabet Soup of Medicare

While the plans change year by year, it's important to remember that there are many parts of Medicare that are actually pretty consistent.

• Medicare Part A: Hospitalizations
• Medicare Part B: Doctor's visits
• Medicare Part C or Advantage: A combination of A & B, part of an HMO
• Medicare Part D: Prescription drug coverage

It's the HMO, or health maintenance organization, part of the Advantage Plan that can seem excessively fluid or flexible. For example, if you live in an extremely rural area, getting HMO coverage may mean a lot of driving, or paying for services you can't actually get to. However, if your region offers a strong network within an HMO, it can be of great benefit to you.

For example, a Medicare Advantage plan can offer fitness coverage to give you access to a gym for exercising and socialization. Should you need safety equipment in your bathroom, telemonitoring, meal benefits or transportation assistance, you may be able to get it through your Medicare Advantage plan.

Before you sign up with an Advantage Plan, make sure that your primary doctor is included in that coverage.

What You're Required to Carry

Part A is free insurance, though there is a deductible you have to meet, and once you meet the deductible, the plan pays 80% of the cost. Part B requires a premium or co-pay, but if you make regular visits to your doctor, you will probably come out ahead.

Medicare Advantage can be used to pair up A & B. In addition, you can get a Medicare Advantage Plan with drug coverage, or buy a separate Part D.

Difference Between Advantage Rx and Medicare Part D

The difference between buying a Medicare Advantage plan with drug coverage and buying a separate Part D coverage is extremely personal. If you don't take a lot of medications, the Advantage Rx can actually give you a lot for your money. However, this coverage is from private insurers, not from the government, so while they are held to specific dollar cutoffs, you may face changes as we enter the next open enrollment.

If your medications are expensive or if you're on anything experimental, you may have better coverage with a traditional Medicare Part D plan.

What About High Deductible Plans?

It is possible to buy a high deductible Medicare Advantage Plan. When you have this set up, you will need to put money into a Medicare Savings Account or MSA. Be aware that you can't put more money into an existing Health Savings Account, or HSA, once you sign up for Medicare, though you can roll funds from an HSA into your MSA.

The rules for this are tricky. HSA accounts cannot be accessed for any expenses besides health-related expenses without incurring a penalty and paying income taxes on the money, so you will want to discuss the rollover steps with your insurance professional to avoid the penalties and any IRS reporting requirements.

You can pull funds from an HSA to pay some Medicare premiums, but not all. While the process of moving HSA money into an MSA account is a little worrisome, once you get the monies moved and your policy chosen, an MSA works like an HSA. At the end of the year, the money remains and will roll over until you need it.

If your ability to meet traditional Medicare premiums is limited, an HDHP insurance policy paired with a MSA can make your retirement dollars go a bit further.

Final Thoughts

If at all possible, get online and run a quick comparison of your current policy against what's available now. New options come up and the regulations are always changing, so staying on top of the latest offerings can both protect your budget and increase your quality of life.

If you're paying for a Medicare Advantage Plan already, make sure that you're gaining full value from the offerings. Get your hearing tested and enjoy some new glasses. Mask up and visit your local gym if this is a covered option for you. Fully use the policy you've bought and enjoy the benefits of Medicare Advantage.