RoxanneThe fall season brings with it changing leaves, as well as Medicare Open Enrollment. From October 15 to December 7, this period gives people a chance to switch their healthcare options for the upcoming year.
During open enrollment, you can join, switch, or drop the following plans:
- Medicare Advantage
- Medicare Part D
Open enrollment does not apply to supplemental or Medigap plans.
If you’re looking to take advantage of this period to tinker with Advantage or Part D plans, here’s what you should do before taking action.
1. Take a closer look at your Annual Notice of Change
Before open enrollment kicked off, you should have received the ANOC or Annual Notice of Change in the mail. This document details any changes to the coverage or cost of your plan for the coming year. If you haven’t yet looked at your ANOC, open it up now and consider a couple of things.
First, have a look at the costs of any drugs you take or the services you use. Also, look at the service’s locations, as you want them to be close and convenient. If your plan’s pharmacies or network of providers are too far away, they may need some changing so that the policy better fits your needs.
Second, take a minute and think about how your healthcare needs changed in the last year. If they remained the same, your plan might suffice as-is. However, if they changed, and you now require different services or need to see new specialists, some adjustments may be in order.
2. Determine your coverage needs.
Now that you know what your ANOC contains and what to expect, plus you know how your healthcare needs have changed, it’s time to think about coverage. Do you want to add coverage or switch your Advantage or Part D plans? Before making any changes, you’ll need to keep some things in mind.
When looking at plans and coverage options, analyze the providers and services. Be sure to include any treatments, specialists, doctors, and supplemental benefits while making this observation. As you compare plans, pay attention to the limits on each benefit.
You also want to consider drug coverage. Does the plan cover the prescriptions you’ll need next year? Will they require approval? Are there any quantity limits or other restrictions on the drugs?
Lastly, you want to think about out-of-pocket costs for hospital stays, doctor visits, prescriptions, etc.. Many plans have an annual maximum for out-of-pocket expenses that do not include prescription costs.
3. Get help.
As you review coverage options, it’s not uncommon to get confused, especially since there are so many things to consider. Luckily, you can get help with choosing a Medicare plan during open enrollment from various sources.
If you want to make shopping for plans easier, call 1-800-MEDICARE or use the Medicare Plan Finder.
If cutting costs and understanding your options is your goal, get in contact with SHIP or your State Health Insurance Program by visiting shiptacenter.org or calling 877-839-2675.
Finally, the My Medicare Matters tool from the National Council on Aging can help educate you on coverage options, so you make the right choice.
Mark Luigi Dacumos
