As the Annual Enrollment Period (AEP) (October 15- December 7) is approaching, it is the time of year to review your Medicare plan to determine if this coverage is right for you.
Disclaimer: We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.
Medicare Advantage (Part C) and Medigap (Medicare Supplement) plans are the most popular plans that are available to you during AEP.
You may be bombarded with many phone calls telling you to switch your plan, but do you really have to?
With strict rules and regulations around switching Medicare plans, it is important to do your research ahead of time and work with a Medicare-certified broker to make sure you are making the right choice. If you make any changes to you are not comfortable with, you could risk having coverage that does not suit your needs and can’t change until the next AEP.
Here are tips to choose a plan before the deadline (December 7).
Assess your benefits
First, you should assess your benefits and figure out if you are satisfied with them. Does your plan offer the coverage you need? Are you utilizing the extra benefits the plan offers? Do you want coverage like dental and vision?
All of these are questions to ask yourself before rushing to make a switch. If you don’t know what your plan covers, contact your insurance company or a Medicare-certified broker and they can inform you about what may be new this year.
Is the plan still in your budget?
Plans change, and so do your medical needs. That being said, it is important to review your finances yearly to ensure you can still afford monthly premiums, deductibles, and copays for doctor visits and hospital stays. If your income has changed and you feel like you can no longer afford your healthcare, it may be time to see what you can do to lower your costs. Medicare-certified brokers can help you assess your options.
Changes in health
If your healthcare needs have changed throughout the last year, you may want to assess how much you are spending on healthcare services.
So, if you now frequently go to the doctor, it may be worth looking into a plan that fully covers your visits or covers them at a lower copay than you previously paid. Additionally, if you think you will have a hospital stay or surgery coming up, choosing a plan to limit those out-of-pocket costs will be essential to lower your medical bills.
Consider the prescriptions you take
Looking at the out-of-pocket cost of your prescriptions is important when assessing your healthcare costs. Although most prescription drug plans have similar features, carefully looking into the cost of your prescriptions and determining if your insurance company covers the cost of your drug can be the difference between high prescription costs throughout the year.
Determine if you want other benefits
Finally, AEP is the time of year to get the benefits you are looking for in a plan. Do you want coverage for groceries or transportation? What about extra dental and vision coverage? Plans include new benefits every year so it is important to look into your current plan and if there is something you are looking for, you can take advantage of the plans that are available to you.
All in all, you should take advantage of AEP to review your Medicare plans and the benefits they offer. Even if you are satisfied with your plan, there may be new options out there, or benefits you do not know about. Talk to a Medicare-certified broker to better understand the benefits you have and qualify for and it can help lower your medical costs throughout the year.
Contact me today for a free consultation.