Each year, Medicare has an “open enrollment” period so you can change plans if your healthcare needs change. This occurs from October 15 – December 7 and during this time, you can switch from Original Medicare to Medicare Advantage, or vice versa. You can also switch your Medicare Advantage plan, switch your prescription drug plan, or enroll in a new Part D plan. Any changes you make will go into effect in the new year on January 1.
Why it May be Time to Review & Compare Your Coverage Options
This annual enrollment period allows you to review and compare your current coverage options and make any necessary adjustments to ensure you have the most suitable and cost-effective plan for your healthcare needs. You must take advantage of this opportunity to ensure you have the best coverage for the upcoming year.
Your Healthcare Needs Change
People’s healthcare needs can change over time. What may have been the best plan for you last year may no longer meet your current needs. As people age, their healthcare needs tend to evolve, and it is essential to make sure that your Medicare plan continues to provide the coverage you require. By reviewing your plan during the open enrollment period, you can ensure that you receive the best possible coverage for your situation.
Insurance Company Adjustments
Insurance companies can adjust their plan offerings, premiums, and coverage benefits from year to year. It’s essential to review these changes to ensure that you are still getting the best value for your money. By comparing different plans during the open enrollment period, you may find a plan that offers better coverage at a lower cost.
You Can Possibly Save Money
Making changes to your Medicare coverage during the open enrollment period can help you save money on out-of-pocket costs. Take time to compare the out-of-pocket costs associated with each plan, including premiums, deductibles, copayments, and coinsurance. Some plans may have lower premiums but higher out-of-pocket costs, while others may have higher premiums but lower out-of-pocket costs.
Compare Plan Options
Review the different types of Medicare plans available, including Original Medicare (Part A and Part B), Medicare Advantage plans (Part C), and Medicare prescription drug plans (Part D). Compare the coverage and costs of each plan to determine which option best fits your needs.
Review Provider Network
If having access to a specific network of healthcare providers is important to you, make sure to review each plan’s provider network. Some Medicare Advantage plans have restricted provider networks, so it’s important to confirm that your preferred doctors and hospitals are included in the plan.
Consider Additional Benefits
Some Medicare Advantage plans offer additional benefits, such as dental, vision, and hearing coverage, as well as gym memberships and transportation services. Consider whether these extra benefits are important to you when comparing plans.
Check Prescription Drug Coverage
If you take prescription medications, review each plan’s prescription drug coverage to ensure that your medications are covered at a reasonable cost. Consider factors such as copayments, formularies, and coverage restrictions when comparing plans.
If You Miss The Open Enrollment Period
Make sure to set yourself a reminder to change your Medicare plan by December 7 because if you miss the open enrollment period, your current coverage will renew. The only times you can change your plan outside of the open enrollment period is when certain events occur in your life (Special Enrollment Period), or, if you already have a Medicare Advantage Plan and want to switch to a Medicare Advantage plan or go back to Original Medicare, the Medicare Advantage Open Enrollment period is from January 1 – March 31.
Don’t Wait. Review Your Coverage Before Open Enrollment Arrives.
By carefully comparing Medicare plans based on coverage, costs, provider networks, prescription drug coverage, additional benefits, and plan ratings, you can make an informed decision that best meets your healthcare needs. It’s also a good idea to consult with a licensed insurance agent or Medicare counselor for personalized assistance in comparing and selecting the right Medicare plan for you.
Emily Trevino, Senior Managing Partner at Wise Insurance, leverages her extensive background in biology and business finance to master Medicare, health insurance, and retirement planning. With over a decade in the field, Emily has co-authored “Medicare Breakdown – The Alphabet Soup of Medicare,” marking her as a pivotal figure in insurance education. Her commitment extends through active participation in the National Association of Benefits and Insurance Professionals (NABIP) and speaking at major industry events. Emily’s drive for community service and personal resilience shines through her adventurous pursuits and dedication to societal well-being. Connect with Emily on LinkedIn to explore the future of informed insurance decisions.
