6 Reasons To Change Your Medicare Plan.
6 Reasons To Change Your Medicare Plan.
1. Has your health situation changed?
Perhaps you have developed a health condition in the previous 12 months that requires a new prescription drug or ongoing visits to a specialist. It’s important to know whether the plan you have, or decide to purchase, covers these health needs.
2. Have you changed doctors?
Physicians may retire or relocate, and medical facilities may change their terms. A number of developments could lead your plans to no longer include the doctors you see or the medical center you visit. If your doctor is important to you, this is a good reason to study your options and possibly switch Medicare plans.
3. Has your coverage changed?
Plans can alter the drugs, procedures and conditions they cover. For example, your prescription drug Part D plan may no longer cover the prescription drugs you need to purchase in the coming year, or put restrictions on how and where you purchase them. Questions about prescription drug costs are one of the top concerns I encounter. This is especially critical for those who fall into the prescription drug donut hole. The donut hole is the gap of coverage in which the individual pays a greater percentage of the drug cost.
4. Have your plan premiums, co-pays or deductibles increased?
Price changes occur year to year, so examine the prices you have been paying and what you can expect to pay in the coming year. There may be alternative plans with lower costs available in your area that an experienced Agent like myself can help you review.
5. Have you moved or are you planning to move?
It’s important to consider your Medicare plans when moving because you may leave the plan’s service area and be disenrolled or have new options available to you.
6. Has your current plan changed dramatically or will it no longer be available next year?
In these instances, beneficiaries should take the time to talk with an agent to review their options. Sometimes plans are eliminated because the provider offers a similar plan, but it’s still important to compare that coverage to what you actually need in the coming year.
The Bottom Line.
It is always a good idea to call your agent and have a brief conversation to discuss how your current plan is meeting your needs. If you are happy with your current plan and all your doctors and medications are covered by the plan that’s great. But if a new doctor you want to see does not accept your plan or the plan will not pay for those visits or if you are prescribed a new medication that is not covered then you should most certainly check to see if there is another plan available that will give you the coverage you need. Maine has a lot of Medicare Supplement and Medicare Advantage plans available to choose from. I talk to every one of my clients each year to review any plan changes and to make sure they are receiving the coverage they need.
Each year, Medicare open enrollment brings with it changes that can affect you. The limited enrollment timeframe of just 54 days – Oct. 15 to Dec. 7 – gives all Medicare beneficiaries the opportunity to change their Medicare plans for the coming year to better match their needs and potentially save on health care costs. This includes anyone using original Medicare, Medicare Advantage or Part D prescription drug plans.
In the fall, Medicare participants receive their Annual Notice of Change (ANOC) and Evidence of Coverage (EOC) from their current Medicare Advantage and Part D providers. It’s important you read this information. Take time to review your current health care needs, and then compare this to the plan’s coverage for the coming year. Reviewing your Medicare plan options earlier rather than later will put you in a better position to make changes during the annual enrollment window.
I hope you found this information helpful.
