The Alphabet Soup of Medicare

by Lisa Bayer, J.D., CCM

It is open enrollment time for Medicare supplemental plans and anyone who has tried to navigate the process is faced with a myriad of choices and terminology. There’s Medicare A, B, C and D. Part A is your inpatient insurance, Part B is your outpatient insurance and Part D is your prescription drug coverage. Part C is sort of a combination of A, B and D and these plans are known as “Medicare Advantage” plans.

If you do go the traditional Medicare route and you are considering a Medigap policy (a supplemental plan that helps to fill in Medicare coverage gaps) you could be looking at another mouthful of letters! For the heck of it I put in our zip code and the Medigap plans available in LMR Elder Care’s area, 07039, include A, B, C, D, F, G, K, L, M and N. And if that is not enough would I want a high deductible or “regular” Medicap plan? So how does one decide? To start, make a list of your medications and medical providers. Next, enter your information at www.Medicare.gov, access a state SHIP counselor (a volunteer trained to provide objective Medicare benefit counseling - https://www.state.nj.us/humanservices/doas/services/ship/ - in New Jersey), or get in touch with a private insurance representative that can help you select a plan at no fee to the Medicare beneficiary.

It is important to note that if you are not subject to a special enrollment period this is the only time of year that you will have the opportunity to review, and possibly decide to change, your supplemental insurance and prescription drug coverage. As Eric Cohen, Managing Director of Benefit Quest, Inc points out, “It’s important to sign up at the right time if you want to make any changes or adjustments to your health coverage or your prescription drugs.” For 2021 this review period takes place from October 15 through December 7, 2020.