The Medicare open enrollment period is from October 15th through December 7th, so mark your calendars now if you want to make changes to your Medicare Advantage plan or prescription medication coverage.
You can move between Medicare Advantage plans during this period, as well as between Medicare Advantage plans and Original Medicare. You can switch to a different medication plan, enroll in Medicare for the first time, or discontinue your current coverage altogether.
If you want to make sure you’re getting the most out of Medicare, now is the time to do it, even if you’re happy with your existing plan. In case another plan in your region provides superior health and/or prescription coverage at more inexpensive pricing, it’s a good idea to shop around every year.
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Healthcare costs over the year may need additional out-of-pocket spending if your insurance provider does not give the same level of coverage as the previous year. For assistance in getting going, please consider the following suggestions.
- The following are some questions you should ask yourself: Is there a shift in your requirements? Do you feel adequately protected by your present policy? Will there be an increase in premiums for your current policy? Is there a similar, less expensive option?
- Examine the provider’s yearly change notice for your existing plan. Expect it sometime in September.
- Make sure your doctor accepts your Medicare Advantage plan for the upcoming year. You will either need to switch plans or pay more out of cash if your doctor is not part of the insurance provider’s network.
- Know your prescription medication plan’s copayment and coinsurance requirements.
- In order to continue receiving Medicare medication coverage after switching from a Medicare Advantage plan to Original Medicare, you will need to enroll in a separate Part D plan.
- Go to medicare.gov and use the Medicare Plan Finder tool to compare your options.
- The State Health Insurance Assistance Program offers individualized support to those who qualify.
- Medicare beneficiaries can get free advice by dialing 800.333.4114 to reach the Medicare Rights Center.
- Your new Medicare coverage will begin on January 1 of the following year.
Making a Medicare decision may not always be easy. Contact your financial planner if you have any concerns about healthcare expenditures or questions regarding open enrollment.
