Significant Changes Coming to Medicare (Especially If You Live in San Diego)
Host, Bryan Devore is joined by guest, David Wolf from Bridlewood Insurance to address the important subject of Medicare during the open enrollment period. Only a few days left in Medicare’s Annual Enrollment. Here’s what to know about some significant changes – especially if you live in San Diego! Watch the video below or listen to the podcast.
Open Enrollment: A Critical Time for Changes
David emphasizes the ongoing open enrollment period, which spans from October 15th to December 7th each year. During this window, individuals can make changes to their existing Medicare plans. He stresses the importance of consulting with an independent broker during this time, considering the diverse health needs, prescriptions, and individual scenarios that play a role in choosing the right plan.
Medicare Advantage vs. Medicare Supplement (Medigap) Plans
One of the central topics of discussion revolves around the differences between Medicare Advantage and Medicare Supplement plans. David sheds light on the key distinctions, outlining that Medicare Advantage plans often boast a zero premium but may have hidden costs like co-pays and co-insurance. On the other hand, Medicare Supplement plans come with a monthly premium but offer unparalleled flexibility, allowing individuals to see any doctor that accepts Medicare.
Scripps’ Decision Impacting Medicare Advantage Plans
The conversation takes an interesting turn as David discusses a significant development involving Scripps, a prominent healthcare provider. Scripps announced that starting January 1, 2024, they will no longer accept Medicare Advantage plans, specifically affecting HMO plans. This decision leaves thousands in the San Diego area searching for alternatives, pushing the importance of consulting with a broker to explore different options.
Prescription Drug Plans and Changes in 2024
David addresses the intricacies of prescription drug plans, touching on how they can be embedded in Medicare Advantage plans or offered as standalone plans. Notably, he mentions the positive news that the cap for catastrophic coverage is expected to decrease in 2024, providing relief for individuals with high prescription drug costs.
Working Past 65 and Medicare Activation
Many seniors are working beyond the age of 65, and David provides insights into the Medicare rules regarding this scenario. If employed by a company with 20 or more employees, individuals can delay activating Medicare Part B, focusing on continued group coverage. However, proper procedures must be followed to avoid late enrollment penalties, underscoring the importance of professional guidance.
Navigating the Changing Medicare Landscape
With the San Diego healthcare landscape witnessing significant shifts, staying informed and consulting with experts like those at Bridlewood Insurance becomes crucial. If you have questions or need guidance on Medicare, you can reach out to David Wolf at Bridlewood Insurance.
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We connect San Diego with the people and organizations that are making a difference. Bryan Devore is the Director of the Senior Division of Berkshire Hathaway HomeServices California Properties. Holding the Seniors Real Estate Specialist designation, Bryan specializes in creating solutions for the real estate needs of seniors throughout San Diego County.
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Originally published December 05, 2023
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