Seven Easy Steps To Get Ready For Medicare Open Enrollment Right Now
Contrary to popular belief, which is reinforced by the constant barrage of Medicare advertisements and mailers, you are not able to just alter your Medicare coverage whenever you choose.
The majority of individuals who wish to make changes have to wait until the annual Medicare open enrollment period, which takes place from October 15 to December 7. At that point, you can take action like:
Enroll in a Medicare Advantage plan in place of Original Medicare.
Switch between different Medicare Advantage plans
Return to Original Medicare (parts A and B) after using a Medicare Advantage plan.
Change prescription plan providers, enroll in a Part D prescription plan, or discontinue prescription drug coverage
Planning ahead is crucial because, in most situations, the chance to make adjustments only arises once a year. The following seven actions can be taken by you and your partner to get ready:
1. Don't wait to make judgments until the deadline on December 7
Starting early will help you escape the crowd of people who could also be seeking customized assistance from Medicare, your local State Health Insurance Assistance Program (SHIP), certified insurance agents, and financial counselors.
2. Discuss your existing coverage with your doctors.
Ask the doctors you see on a regular basis if they will still take Medicare in the upcoming year if you have a Medicare supplement (also known as Medigap) plan that entitles you to see any physician who accepts Medicare patients.
It's a little trickier if you have an Advantage plan. Throughout the year, providers are free to join or depart a plan's provider network, and your plan may also make changes to the providers it offers. Should that occur and your doctor (or doctor's group) stop taking your insurance, you might need to look for a new provider or a new plan. Be prepared and conduct your study.
3. Keep an eye out for the annual notice of change (ANOC) for your plan.
Any upcoming adjustments to the scope, cost, or coverage of your plan should be included in the ANOC, which is sent in the fall. The alterations will take effect on January 1st. This paper may seem overwhelming due to its size and complexity, but it's crucial to go over the information it includes (usually, the beginning of the plan includes an easy-to-follow description of the modifications).
4. Enumerate all of the prescription medications you now take.
If you use regular medications (Lipitor for cholesterol, for example, or Advair for asthma), make sure to check if your current plan will continue to cover those prescriptions in the new year. Additionally, if you're thinking about switching plans, find out which ones cover your prescription medications on their formulary.
Medicare.gov, the official Medicare website, allows you to compare Medicare Advantage plans and prescription plan options (Part D).
5. Be aware of Medicare Advantage plans' benefits and drawbacks.
You've undoubtedly noticed that the majority of Medicare television advertisements highlight the alluring (and expanding) array of advantages provided by Medicare Advantage plans. I have previously discussed the appeal that such upfront savings can have for fixed-income retirees here.
6. Register with Medicare.gov and create an account to receive free email updates.
The website provides a wealth of trustworthy information about Medicare essentials, including the contact details of organizations that can help people with enrollment-related inquiries.
7. If you need to modify your plan outside of open enrollment due to a change in circumstances, don't freak out.
During a special enrollment period (SEP), you might be able to make adjustments if, for instance, you move or no longer qualify for your employer's insurance. Medicare.gov provides information about the regulations pertaining to various SEPs.
Before this year's open enrollment begins, it could be a good idea to shop around and compare pricing, even if you're happy with the coverage provided by your current plan. The services and drugs that are covered by Medicare plans might differ greatly, so you might be able to locate a better or more economical choice.
No matter what you do, even after years of enrollment in Medicare, never get comfortable with your options. Your choices may have an impact on the quality and expense of the treatment you receive as well as your freedom to obtain the care you require and desire.
Please don't hesitate to ask for assistance if you need specific guidance or if you are unsure of your alternatives.
