IBM Medicare Via Benefits Medicare Fall Enrollment for 2020

This is the time of year when you are being inundated with sales literature from private insurance companies trying to sell you Medicare Advantage plans and part D prescription drug insurance plans.  It is also the time of year when you receive plan updates from companies currently providing your Medicare insurance.  Sometimes it's hard to differentiate.  Usually, your current insurance providers send "thick" booklets to describe changes in premiums, copays, and changes in drug lists (known as their formulary).  You have to look at your mail! You have to keep the booklets about your current policies!

I cannot emphasize it enough. It is really, really important to not throw away the literature from your current insurance companies. You MUST read those "thick brochures" not only to look for changes to your existing policies but also because this is also the time of year insurance companies terminate plans and switch people automatically to another plan if the customer doesn't "take action" to actively pick a new insurance plan.

I have not had the experience, but my guess is that if you have an insurance policy purchased by using Via Benefits, they will tell you that you need to pick another plan. If it is the only plan you have with them, then you must pick a new medical plan that they sell (Medicare Advantage plan or part D drug insurance or Medicare Supplement plan) to have access to your HRA. Vision and Dental plans DO NOT qualify you for HRA access.

Reminder, if you have original/traditional Medicare and a Medicare Supplement through Via Benefits, you can buy any part D prescription drug insurance plan available in your zip code.  It doesn't have to be through Via Benefits.  There is a wide variation in the prices and formularies for part D plans.  Make sure you either use plan finder on www.medicare.gov to see if there is a better plan or call 1-800-MEDICARE and ask them for help to pick the best plan.

Given this is so complex, as we age, it is also really important to have someone else understand this process who can provide help if it becomes overwhelming.  Educate that person now because initially they will also be totally confused by the process.

Medicare (as in the federal government agency) schedules open enrollment every year to allow Medicare recipients to make insurance changes. It is akin to IBM's annual insurance enrollment when you were employed. This year the Medicare Open Enrollment (which is what the federal government calls it although sometimes it is referred to as Fall Enrollment) begins on October 15th and ends on December 7th and the changes are effective January 2020.  Reminder, this federal Medicare insurance change window only applies for Medicare Advantage plans and part D prescription drug insurance plans. 

Medicare Supplement plans (which are for people who have original/traditional Medicare) have completely different "change" rules and schedules.  In some states, you cannot change the insurance - NOT EVER - because insurance companies are allowed to deny policies to people with preexisting conditions or can charge whatever they want for the premium. At this age, it is rare for someone to not have preexisting aliments.  In some states, there are specific times of year (such as your birthday month) when you can change Supplement insurance but the premiums might be higher for a new policy if you have preexisting conditions.  In a few states, you can change the policy whenever you want and it must be sold at the same price that everyone else in the zip code pays plus you cannot be denied.  You have to check with your state to find out these rules.  There are state organizations that will help.  It is the State Health Insurance Assistance Program.  Each state has one.  To find your go to  https://www.shiptacenter.org/