It’s once again time for Medicare participants to consider changes to their healthcare plans. The annual open enrollment period for Medicare Advantage and “Part D” prescription plans is now under way.
Also fast approaching is the open enrollment period for Marketplace insurance coverage under the federal Affordable Care Act (ACA), which is also commonly known as Obamacare.
Although both programs are federal, state legislators often receive questions during the enrollment periods and work to link constituents with the appropriate program administrators.
There is some good news for Illinois residents participating in the Part D prescription drug benefit – average premiums are lower than surrounding states and the number of plans to choose from is higher than any other state in the nation.
Medicare-eligible persons have until December 7 to enroll or modify their drug benefit (Part D) coverage or their Medicare Advantage plan – which offers an alternative to regular Medicare coverage through Health Maintenance Organizations (HMOs) or Preferred Provider Organizations (PPOs).
Persons receiving health insurance under an Affordable Care Act (ACA) Marketplace Plan must either renew their coverage or choose a new plan during the open enrollment period, which runs from November 15 to February 15. Those who fail to enroll in health insurance by the end of the ACA enrollment period face an increased penalty next year – the higher of 2% of income, or $325 per adult and $162.50 per child.