For seniors who qualify, Medicare has its advantages. But to make the most of it, sometimes a change in plan is required. Changing your coverage doesn’t have to be a stressful process. Read on for tips to help you ensure hassle-free changes to your Medicare plan.
Enrollment Periods
You can make changes to your Medicare coverage during the annual enrollment period or annual election period (October 15 to December 7). These changes come into effect on January 1.
What You Can Change
During the enrollment period, changes that can be made include:
– Switching to Original Medicare from Part C
– Changing Medicare part C plans
– Changing Medicare Part D plans
– Enrolling for Medicare Part D
Consider the Hidden Costs
While low premiums may be tempting, out-of-pocket costs like copays and deductibles can often increase the cost of Medicare.
Estimate Your Expenses
While assessing the plans available, keep your finances in mind. If you are on a low income you could be eligible for Medicare savings programs. If you can afford a higher premium opt for coverage that includes a dental and vision plan. An Advantage Plan offers more comprehensive coverage but your premiums will be considerably higher.
Review Changes Annually
Insurers must send you an annual notice of change that explains any changes to your coverage by September 30. This allows you time to review the changes and decide if you wish to change plans.
Review Prescription Drug Coverage
If your Medicare plan covers prescription drugs, check that your plan will still meet your future requirements. This could include reviewing your plan’s formulary and checking for changes in tier levels (and your co-pay amounts). Consider comparing similar plans that could work out less costly.
Medigap Plan Availability
You can supplement Original Medicare coverage with a Medigap plan at any time in the year to help lower your out-of-pocket costs.
What Is a Disenrollment Period?
Medicare Advantage plans allow for disenrollment if you are unsatisfied with coverage soon after enrollment. The disenrollment period is between January 1 to February 14 each year.
Compare and review plans available to find one that suits you best. Friends and family members could guide you towards choosing a plan that will cover your future medical needs best.