Is it necessary for me to review my Medicare plan every year?
Today, we’ll look at why it’s important to review your plan every autumn.
You have the opportunity to alter your Medicare plan now that the Medicare Annual Enrollment Period (AEP) has begun.
8 out of 10 Americans choose to retain their existing Medicare coverage each year, but this isn’t always the best option. Even if you’re happy with your existing coverage, AEP is a great opportunity to check into what other plans have to offer. A lot of plans also change their coverage/options each year so you may not have the same coverage next year that you had throughout the current one. So, why do we recommend dealing with an independent licensed agent to research the Medicare plans available in your area?
Changing Health Specific needs
Your health doesn’t stay the same from year to year. Any changes in your health will modify your medical requirements. If you’ve been diagnosed with a health problem, check to see if your insurance covers the treatments and medications you’ll need. What your current plan doesn’t cover could be covered by another.
If you saw your doctor more than ever in the previous year, you might be interested in a plan with reduced copays or deductibles. If you’re in good health and haven’t had to use your insurance in a while, a plan with a smaller monthly cost could be more tempting. Before making any adjustments in this issue, it’s a good idea to speak with a specialist about your specific health condition.
Your Plan's Coverage Has Changed
Your Medicare plan, like your health, might fluctuate from year to year. Fortunately, each year in September, your plan will give you an Annual Notice of Change (ANOC). Any changes to your coverage will be noted in this page. If you haven’t received one by October 15, you should contact your insurance provider. There are a handful of modifications in your ANOC that you should be aware of.
If you’re on a fixed income and might struggle to pay a higher premium for health insurance, it’s a good idea to look into more affordable plan options if your premium is set to rise in January. You might even be eligible for income-based aid. A licensed sales agent can assist you in understanding a plan’s prices.
When a health-care plan’s contract with a local provider ends, a hospital system may become out-of-network for your plan. If you enjoy your primary care physician, you might be disappointed to learn that they will be out of network for the next calendar year.
Prescription Insurance Coverage
Annually, the formularies for prescription drug coverage may change. Finding a new health plan may be necessary if you require a specific medication that is no longer covered by your current plan.
You want to save money
The money you may save by switching plans is one of the most compelling reasons to look at your options this AEP. According to one research, seniors who switched Part D insurance typically saw a reduction in their out-of-pocket expenditures as a result.
“There’s a strong financial motive” for everyone on Medicare to shop around, said Kev Coleman of HealthPocket.com in an interview with CNBC. According to a CNBC study, you may save hundreds of dollars every month on your monthly costs. These are all excellent reasons to keep your choices and eyes open during AEP.