The Medicare open enrollment period is almost upon us (October 15 – December 7) which means that Medicare beneficiaries have the opportunity to make changes to their coverage, like switching to a different Medicare plan or enrolling in a Part D prescription drug plan. Before October 15 arrives, beneficiaries should review their current coverage and determine if it’s still meeting their needs or if they’d benefit from a different plan.
Changes You Can Make
Whether you’re new to Medicare or have been covered for years, understanding your options during open enrollment can help you optimize your benefits and potentially save money. Here are some of the key changes you can make during this crucial window:
Switch Between Original Medicare and Medicare Advantage
One of the biggest changes you can make during the open enrollment period is switching from Original Medicare (Part A and Part B) to a Medicare Advantage Plan (Part C), or vice versa.
Original Medicare provides hospital and medical insurance, but it doesn’t cover everything, such as prescription drugs, vision, or dental care. Medicare Advantage plans often bundle hospital, medical, and prescription drug coverage, and may offer extra benefits like vision and dental coverage. Many people opt for these all-in-one plans for the convenience and additional services they provide.
Change Medicare Advantage Plans
If you’re already enrolled in a Medicare Advantage plan, but your current plan no longer meets your needs or there are better options available, you can switch to another Medicare Advantage plan. Whether it’s for better prescription drug coverage, a lower premium, or additional benefits, comparing plans during open enrollment is a smart move.
Add or Change Prescription Drug Coverage
Prescription drug costs can add up, so making sure your Medicare Part D plan still suits your needs is important. If you don’t have a Part D plan and take prescription medications, this might be the time to enroll. Alternatively, if you’re currently enrolled but feel that your plan is not covering your medications adequately, you can switch to another Part D plan with better coverage.
Review & Adjust Medigap Policies
If you have Medigap, it’s a good idea to review your policy each year to ensure it’s still offering the coverage you need. While the open enrollment period doesn’t directly allow you to change Medigap plans (you can do that at any time of year), it is a good reminder to check your coverage and determine if a switch might benefit you.
Reassess Your Needs & Explore New Options
Medicare plans can change from year to year, so it’s crucial to reassess your healthcare needs and financial situation. Look out for:
- Premium increases or changes in co-pays and deductibles
- Changes to in-network providers
- New benefits that could enhance your plan
Tips for Navigating the Open Enrollment Period
Review the Annual Notice of Change (ANOC) which you’ll receive each year detailing any changes made to your plan that may affect your coverage for the coming year. This is a good time to compare the costs and coverage of various plans to determine if it’s time to make any necessary changes come time for open enrollment. If you’re ever unsure about your options, speaking with a Medicare representative or a licensed insurance agent can help you make informed decisions.
After you’ve compared plans and considered factors such as coverage costs, provider networks and prescription drug coverage, collect all important documents such as your Medicare card, list of medications, and any other important documents related to your healthcare needs. Having these on hand will help you make more informed decisions and make the application process much easier.
Lastly, don’t procrastinate! Don’t wait until the last minute to review your Medicare plan and make any necessary changes. Start the process as early as you can so you have plenty of time to research and make informed decisions.
Any Changes Will Take Effect on January 1 of the Following Year
Medicare Open Enrollment is your opportunity to review your current coverage and make adjustments that better suit your health and financial needs. Whether you’re switching from Original Medicare to Medicare Advantage, changing your prescription drug coverage, or exploring additional benefits, making these changes during the open enrollment period ensures you’re set up for the coming year. Remember, any changes you make will take effect on January 1 of the following year, so use this window to review and secure the best possible coverage for your healthcare needs.
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.
