If you live or are moving to Oklahoma, Medicare Advantage gives you another way to get your Original Medicare benefits. There are also plans that do extra coverage for services like prescription drugs, vision, and dental care benefits. You can also get prescription drug benefits with a Medicare Advantage plan. If you want to compare the best plan for your needs, then make sure to compare plans before signing up to a Medicare Advantage plan.
The Basics of Medicare Advantage in Oklahoma
There is an alternate way of getting your Original Medicare benefits and that is through a Medicare Advantage (Medicare Part C) plan. A Medicare-contracted private insurance company offers Medicare Advantage plans in Oklahoma. You don’t have to get your Original Medicare through a government-run program and can get it with a Medicare Advantage plan.
Original Medicare is the combination of Medicare Part A (hospital coverage) and Medicare Part B (medical coverage). If you want to sign up for Medicare, you have to either be a United States citizen or a legal permanent resident for at least five consecutive years. It is likely for many individuals to have automatic enrollment for Original Medicare once they turn 65. If you have certain health conditions or you have a disability, you may be eligible to sign up for Medicare at any age. If you have a condition like amyotrophic lateral sclerosis (or Lou Gehrig’s disease) or end-stage renal disease, you may qualify for Medicare.
A Medicare Advantage plan in Oklahoma will give you your Medicare Part A and Part B benefits. By law, Medicare Advantage plans must provide the same level as coverage as Original Medicare. However, Medicare Part A still covers hospice care which is the only exception. You can also get extra benefits depending on the Medicare Advantage plan, including, but not limited to:
- Dental services
- Vision services
- Prescription drug coverage
Different Types of Medicare Advantage Plans in Oklahoma
There are different types of Medicare Advantage plans depending on where you live in Oklahoma. Some plans may limit you to only seeing doctors within a network (unless for an emergency). Compare plans in your area because not every plan may be available in your service area.
Are there Prescription Drug Benefits for Medicare Advantage in Oklahoma?
You can get a Medicare Advantage plan with prescription drug coverage (Medicare Part D). These types of plans are Medicare Advantage Prescription Drug Plans (also called MA-PDPs). With this plan, you can have your prescription drug and health coverage all under one plan.
The Expenses for Medicare Advantage in Oklahoma
You may owe a certain amount every month to your Medicare Advantage plan, called a monthly premium. There may also be an annual deductible that you will have to pay. For the plan to cover you, you will have to pay the full amount of the deductible every year. There are also other expenses like coinsurance and copayments for prescription drugs and health care. Coinsurance is generally a percentage of the cost you pay for covered services. Copayments are a fixed amount you will owe like $15 or $25 per prescription drug or doctor visit.
In 2020, the amount you will have to pay for the Medicare Part B premium in Oklahoma is $144.60. You will have to pay this Part B premium each month as a Medicare Advantage enrollee in Oklahoma. You also may have to pay the Medicare Advantage premium depending on the plan.
When to sign up for Medicare Advantage in Oklahoma
In Oklahoma, you can sign up for a Medicare Advantage plan during three different time periods. The Initial Enrollment Period (IEP) is the first period in which you can enroll. This period starts 3 months prior to the month you turn 65. Then it includes your birthday month and ends 3 months after you turn 65. For people who qualify with disabilities, your IEP will begin on your 22nd month of getting Railroad Retirement or Social Security benefits. It will span for 7 months, ending after the 28th month of receiving disability benefits.
You can also sign up during the yearly Fall Open Enrollment Period which starts on October 15 and ends on December 7. If you want to make changes to your Medicare Advantage plan, you can during this time. You will be able to enroll or disenroll from a Medicare Advantage Plan.
You can also make changes to a plan during the Medicare Advantage Open Enrollment Period (MA-OEP). This time frame starts on January 1 and ends on March 31 each year. You can switch from a Medicare Advantage plan to Original Medicare or change Medicare Advantage plans during this time.
Making a decision on a Medicare Advantage plan in Oklahoma
Where you live in Oklahoma can determine the Medicare Advantage plan’s cost and availability. Some monthly premiums for a Medicare Advantage plan are free. However, please note that there may be higher deductibles, copayments and other costs.
If you want a Medicare Advantage plan that has prescription drug coverage, then look up its formulary. A formulary is a list of the Medicare Advantage Prescription Drug plan’s covered prescription drugs. Make sure that the plan’s formulary has the drugs that you need. The formulary is subject to change at any time. If it does change, your Medicare Advantage Prescription Drug Plan will notify you.