How to Renew Your Medicare Plan

What Happens at the End of the Year

In the fall, Humana mails you two booklets that explain the benefits and services your current Humana plan will offer the following year:

• Summary of Benefits and Value-Added Services – This booklet provides basic information about your Medicare options and answers to common questions. It also highlights your Medicare Advantage plan benefits – and makes it easy to compare this plan with what you'd get with Original Medicare. Also, you'll find information about special savings you'll get as a member of our plan.
• Annual Notification of Change – This booklet describes any changes to your coverage for the following year. It also includes the Evidence of Coverage, a legal document that describes your plan benefits in detail. If your plan includes drug coverage, this document includes a Prescription Drug Guide, as well.

What to Do When You Get These Documents

Be sure to read your plan documents thoroughly. This is a good time to review how you used your plan this year – your SmartSummary® or SmartSummary Rx® can help you review how you used your coverage. Also think about whether your needs will change next year.

• If you want to keep this plan – You don't have to do anything; we'll renew your membership automatically.
• If you want to explore other Humana plans available in your area – Visit our plan-comparison Website, Humana-Medicare.com

Tips for Comparing Medicare Plans

In selecting a Medicare plan, it is important to consider not only current, but future costs. Each plan will use a combination of five cost-sharing types: premium, deductible, copayments/coinsurance, initial coverage limit, and coverage gap.

• Premium

  The monthly cost to participate in a plan. When comparing plans, don't just look at the plan with the lowest premium. It's best to review total plan costs, including premiums, annual deductibles, copayments, and prescription drug coverage. You must continue to pay Medicare-applicable premiums.

• Deductible

  The amount you pay before the plan begins to pay.

• Copayments / Coinsurance

  The amount you pay out-of-pocket for each prescription drug purchased, office visits, hospital stays, etc.

• Initial Coverage Limit – Drug Coverage Only

  This is the total amount paid by you and your plan until total drug spending reaches a certain amount. After this point, you enter the coverage cap.

• Coverage Gap – Drug Coverage Only

  After you reach the initial coverage limit, you enter the coverage gap. During this stage, you pay 100 percent for the drugs you take until you reach the next stage in your coverage, called catastrophic coverage.

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