The open enrollment period for Medicare started on October 15 and will run until December 7. That means its time for you to start assessing your plan and determining whether or not it met your healthcare goals. If it hasn’t provided all the coverage you’d hope for, it may be time to make an adjustment. So what are your options? While open enrollment is still going, you can select from numerous plans.
For example, the following plans are available to you:
- Medicare Part D (prescription drugs)
- Part C Medicare Advantage (managed care)
- Medicare Part A (traditional)
- Medicare Part B (traditional)
If you are currently enrolled in a Medicare Advantage plan, you can return to a more traditional plan, such as Medicare Part A or B, or you can upgrade if traditional isn’t providing enough, opting into a Medicare Part D for additional prescription drug coverage.
Why You Should Review Your Current Plan
Even if you are happy with your current plan, it is a good idea to review the costs and coverage for the upcoming you to determine if it still works for your medical and financial situation. If you are in a Medicare Advantage plan, there will be some changes, making it even more important for you to review the potential alterations.
The Affordable Care Act will push Medicare to cut $156 billion in payments to these plans by 2022. While this may good for some, others with Medicare Advantage plans worry that it will result in raised premiums and a more restricted network of doctors. That is why it is a good idea to call your doctor and make sure that they will still participate in your plan in the coming year. Not only that, but you may be spending more than you need to on your current plan.
Furthermore, open enrollment also exposes many individuals to the risk of fraud. Many try to take advantage of this time and utilize the guise of Medicare to gain personal information from individuals. Do not give out any information over the phone or through unsecured sources!
You can get more information on what plans have changed, how Medicare will work with other insurance, and what it will cost you to get coverage by reading through the handbook ” Medicare & You” online.
Want to make some changes? If you have already consulted with an elder law attorney and feel confident about your new plan, you can go to www.medicare.gov or call 1-800-MEDICARE (1-800-633-4227).