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Procrastinators, pay attention!

Medicare Open Enrollment ends tomorrow, Tuesday, December 7. If you still haven’t compared plans for 2022, today’s the day to do it! Don’t miss your final chance to find a plan that best fits your needs and budget.

Easily search and compare all your coverage options at Medicare.gov. Once you’ve made your choice, enrolling online is easy.

Pick a Plan

Look at your current health care coverage today, and see if it still meets your needs for next year. If you’re happy with the Medicare plan you have now, and the plan is still being offered next year, you’re all set. But if you’re thinking about enrolling in a new plan, now’s the time to act.

Haven’t Chosen a New Plan? You Are Not Alone

It turns out many older Americans are not reviewing their plans and possibly missing out on savings. According to a recent national survey by MedicareGuide of adults 65+, two in three older adults did not review their plans.

The survey revealed:

● 88% of older Americans didn’t change their Medicare plan
● 67% couldn’t find a better plan
● 66% never changed plans
● 85% of those who found a cheaper plan saved less than $50 annually

It turns out that many older Americans aren’t shopping around during the ongoing Medicare Open Enrollment Period. Even fewer are actually changing plans for 2022.

Among older Americans who reviewed their options but didn’t change plans, 67% said it was because they couldn’t find a better plan.

Seeking Dental, Vision, Hearing Coverage

Among older Americans who reviewed their options, the largest percentage, 15%, wanted a plan covering dental, vision, and hearing services.
The second-largest number, 13%, wanted better drug coverage.

Of those who found a cheaper plan, most (85%) saved less than $50 a year.

Sticking with Current Plan

Few older Americans switched from Original Medicare to Medicare Advantage, and an even smaller number made the reverse move. Just 11% switched from Original Medicare to Medicare Advantage. The largest percentage of this group, 8%, cited better benefits.

Only 5% of older Americans switched from Medicare Advantage to Original Medicare. Of those who did, the largest number, 3%, said it was for the ability to see any doctor.

Overall, 66% say they never changed Medicare plans. The greatest number who did change, 18%, did so just once.

How Many Changed Medicare Plans

● Once – 18%
● Twice – 9%
● Three times – 4%
● Four times – 1%
● Five or more times – 1%

“Historically, most beneficiaries don’t change plans, but coverage and cost can change significantly year to year, especially now because of COVID,” notesd Jeff Smedsrud, the cofounder of MedicareGuide’s parent company HealthCare.com. “It is becoming easier to use online tools to review your plan and find potential savings. It pays to shop around.”

What About Prescription Drug Plans?

Meanwhile, 85% of older Americans didn’t change their prescription drug plan. The largest percentage who did, 9%, said it was due to price.
Of those enrolling in Medicare, the largest number of respondents, 30%, enrolled themselves online.

Last-Minute Shoppers Might Consider Upcoming Changes

Medicare Part B Premiums Go Up By 14.5% in 2022

The Centers for Medicare & Medicaid Services (CMS) announced the standard monthly premium for Medicare Part B enrollees will be $170.10 for 2022, a jump of $21.60 from $148.50. The annual deductible for all Medicare Part B beneficiaries is $233 in 2022, an increase of $30 for the annual deductible of $203 in 2021.

What is Medicare Part B?

Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A.

Each year the Medicare Part B premium, deductible, and coinsurance rates are determined according to the Social Security Act.
Why the Increase?

The increases in the 2022 Medicare Part B premium and deductible are due to:

• • Rising prices and utilization across the health care system that drive higher premiums year-over-year alongside anticipated increases in the intensity of care provided.
  • Congressional action to significantly lower the increase in the 2021 Medicare Part B premium, which resulted in the $3.00 per beneficiary per month increase in the Medicare Part B premium (that would have ended in 2021) being continued through 2025.
  • Alzheimer’s Drug: Additional contingency reserves due to the uncertainty regarding the potential use of the Alzheimer’s drug, Aduhelm™, by people with Medicare. In July 2021, CMS began a National Coverage Determination analysis process to determine whether and how Medicare will cover Aduhelm™ and similar drugs used to treat Alzheimer’s disease.

As that process is still underway, there is uncertainty regarding the coverage and use of such drugs by Medicare beneficiaries in 2022. While the outcome of the coverage determination is unknown, the projection in no way implies what the coverage determination will be, however, there is the possibility of coverage for this high-cost Alzheimer’s drug which could, if covered, result in significantly higher expenditures for the Medicare program.

Medicare Open Enrollment and Medicare Savings Programs

Medicare Open Enrollment for 2022 began on October 15, 2021, and ends on December 7, 2021. During this time, people eligible for Medicare can compare 2022 coverage options between Original Medicare, and Medicare Advantage, and Part D prescription drug plans.