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COLUMN: Time is running out to review Medicare options

Daily Oklahoman - 11/29/2020

Nov. 29--During this time of Thanksgiving, even though families gathered in new ways this year, one thing everyone at the table -- actual or virtual -- could agree on is that our loved ones' good health is their greatest asset.

But with COVID-19 hospitalizations surging in Oklahoma, are our beloved seniors truly prepared for 2021 health care coverage? Now is the time for beneficiaries to review their Medicare options as the Annual Enrollment Period ends Dec. 7.

Medicare is the federal health insurance program for people age 65 and older who are citizens or permanent residents of the United States. Also, people under 65 who are disabled or have end-stage renal disease can also qualify.

With Medicare, you have options for coverage. Two options are Original Medicare and Medicare Advantage. Most Medicare Advantage plans offer extra benefits that Original Medicare doesn't cover -- like vision, hearing, dental and more.

If a patient on Original Medicare is admitted to the hospital for COVID-19, they would still owe deductibles, coinsurance and not have a maximum out-of-pocket protection.

Many Medicare Advantage plans do not have deductibles and offer simple copays versus coinsurance, along with providing a maximum out-of-pocket amount that limits their financial risk.

Despite that, the Medicare Advantage adoption rate is much lower in Oklahoma (25%) compared to the national average (33%), so I encourage all beneficiaries and caregivers to use the resources available to them to navigate the Medicare waters and make the best decision for their health care needs and budget for 2021.

If you need help navigating the options, visit Medicare.gov and click on "Find 2021 Health & Drug Plans" to compare plans available in your area. The Social Security Administration also has a toll-free number, 800-772-1213, and website that provides basic information about benefits, eligibility, and the Extra Help program for those who need assistance paying for their prescription drugs.

You also can speak with a licensed agent who can help you understand your Medicare options as you choose the plan that's right for you.

Dr. Wesley Williams is medical director for GlobalHealth, an Oklahoma-based health insurance provider covering individuals in all 77 Oklahoma counties. To learn more, visit www.GlobalHealth.com .

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