MoneyDo: Understand Your Options For Medicare Open Enrollment
What you need to know:
If you’re over sixty-five or caring for someone over age sixty-five, we’re nearing a critical part of the year: open enrollment for Medicare.
Open enrollment is the designated time of the year when you can enact a change to you or your loved one’s coverage. Every year, open enrollment is from October 15 to December 7th.
No matter if you’re satisfied with you or your loved one’s coverage or considering a change, now is the time to give the current plan a review.
- Medicare Advantage Plans can change their cost, coverage or network each year. Since they can change the rules, open enrollment is your opportunity to change plans.
- Researchers have found that even those who are content can sometimes find a plan with options that are more comprehensive or more cost-effective.
What does this mean to you? If you’re signed up for a Medicare Advantage plan, this is the window where you can change plans. It’s your responsibility to go look at other options and make sure you still have the best plan available.
If you have vetted a plan that appears to be better for you or your loved one, make sure to call the plan itself and confirm what you have researched.
- Confirm which medications are covered
- Confirm Co-pays
- Confirm which Doctors and Hospitals are in the network
Remember:
- You can’t use Open Enrollment to enroll for the first time. this period is only for making changes to your current coverage.
- Beginning in October information about next year’s plans will become available.
- The changes you make become effective the first day of the year.
- If you do not want to make any changes, then no action is required and your current plan will remain in place.
Common Terms and Coverage:
Original Medicare – Managed by the federal government and includes Part A (hospitalization coverage), Part B (out-patient services) and Part D (prescription drug coverage)
Medigap – Extra health Insurance that you can purchase to help over costs not covered by Original Medicare. These plans are offered from private insurance companies and benefits are mandated by the state.
Medicare Advantage – Bundles Parts A, B and D into a managed healthcare program similar to an HMO or PPO health insurance plan.
What can I change?
If you have Original Medicare with a supplemental policy (Medigap) you can switch to a Medicare Advantage plan and vice versa during this time. (Provided you can answer certain health questions)
Depending on your state, there are rules governing a switch between Original Medicare and Medicare Advantage so consult with a professional prior to making a change.
If you find that you need assistance with your options Annex Wealth Management will help navigate you through your Medicare needs and what best suits your life over the coming year.
