Is Your Medicare Coverage Working for You?Posted by Medicare Made Clear
It’s tempting to keep the same Medicare coverage year after year without questioning it. Your current Medicare coverage renews automatically every year unless you actively make a change.
Medicare Open Enrollment is your chance to change your coverage choices for the coming year if you choose to. It starts on October 15 and runs through December 7. Changes go into effect on January 1.
How to Decide if You Need to Change Your Medicare Plan
It’s in your best interest to review your current Medicare coverage and to understand any plan changes that may go into effect next year. Medicare Advantage (Part C) or prescription drug (Part D) plans may change their benefits from year to year. There may be changes in Original Medicare (Parts A and B) as well.
Your Medicare Advantage or Part D plan must notify you of changes by providing an Annual Notice of Changes. It usually arrives in September each year.
Will your current coverage still work for you? Maybe. It’s hard to know for sure unless you ask the question.
How to Change You Medicare Plan during Open Enrollment
You have many Medicare coverage options if you decide you may need a change. These are the changes you can make during Medicare Open Enrollment:
- Switch how you get your benefits, from Original Medicare (Parts A and B) to a Medicare Advantage (Part C) plan or vice versa.
- Switch from one Medicare Advantage plan to a different one.
- Switch from one Medicare Part D prescription drug plan to a different one.
- Join a Medicare prescription drug plan or drop your Medicare prescription drug coverage completely.
You may want to add a prescription drug plan and a Medicare supplement insurance plan if you switch to Original Medicare from a Medicare Advantage plan. Keep in mind that if you drop drug coverage completely, you may have to pay more to get it back later.
The Bottom Line
If you are confident your current coverage will continue to work for you next year, then that’s great. But take the time to look at your plan materials to make sure before you let Medicare Open Enrollment pass by.
For more information, explore MedicareMadeClear.com or contact the Medicare helpline 24 hours a day, seven days a week at 1-800-MEDICARE (1-800-633-4227), TTY 1-877-486-2048.
EGSM1810Tags: Apply for Medicare, Medicare Coverage Questions, Medicare Open Enrollment Period, Medicare Renewal, Understanding Medicare