By Anna Wilde Mathews, Wall Street Journal
While I have contemplated ending my subscription to WSJ, then I finally see an article truly worthy of reading, I changed my mind…for now. Thank you, Ms. Matthews.
I have recorded the journalist’s highlights. I highly recommend reading the complete article online.
Last year, seniors picking Medicare coverage faced some tough choices. This year might be even worse.
Higher costs
To reduce their costs, Medicare insurers might be raising yours and increasing the maximum out-of-pocket cost in many of their plans in the form of copayments and other charges.
You want to focus on the documents that describe each plan through your annual notice of change for existing policy or review the summary of benefits for any other coverage you are considering.
Loss of doctors and hospitals
HMOs will be bolstered. HMOs often don’t pay for care you get from doctors and hospitals outside their approved networks, which can be limited. PPOs typically give patients more freedom.
If you are looking at an HMO, you should also check the plan documents for other constraints, such as requirements that you get a referral from your primary-care physician to see a specialist.
You should always check if the doctors and hospitals you like are included, because a growing number of hospitals are leaving Medicare Advantage networks.
If unfettered access to healthcare providers is important to you, consider opting for traditional Medicare, which tends to include nearly every hospital and doctor. But if you do, you will likely need a special product called a Medicare supplement, or Medigap, and that can be expensive, or even impossible, to get.
Good luck!