I know that you have been getting bombarded with emails, television ads, and mail telling you to change your enrollment to a new money saving Medicare plan. While I’m not here to sell you insurance I am here to encourage you to review your Medicare or Medicare Advantage plans and your Medicare Part D plans. It quite possibly could save you money and give you easier access to critical medicines and procedures.
This is the time where you can review and make changes to existing plans. Medicare and Part D Open Enrollment started on October 15th and lasts until December 7th. There is also a separate Medicare Advantage Open Enrollment Period which lasts from January 1st through March 31st every year. You can alter Medicare Advantage plans during both periods.
As a quick refresher – Medicare Advantage plans are offered by a private company that contracts with Medicare to provide all your Part A and Part B benefits. Medicare Part D plans provide coverage for prescription drugs but unlike Parts A and B you are not automatically enrolled and must opt into a Part D plan.
For those turning 65, now is a great time to take a close look at your options and select a Medicare plan that matches your needs based on the medications you take and the coverage offered. If you’re already a Medicare beneficiary and have a Medicare Advantage or Part D plan, this time of year is still important to take a look at how your care needs have changed and make sure your plans still work best for you.
It’s especially important to review your plans if you have had some changes, like some new health issues, retirement, added some prescription medicines or were able to go off some medicines you had been taking. Another change that could impact the type and cost of your insurance is if you moved.
I just moved to a different state and I’ve started the process of reviewing all aspects of my health insurance to make sure myself and my wife have the right coverage at the right price.
There are a number of tools and resources available. We have some of those resources under are Medicare tab at the top of the page. We also have information on our sister website Medicare Today to help you find information on Medicare, your eligibility and how to enroll. There is also a very helpful and newly upgraded plan finder tool that can help you find plans based on where you live. To access this easy-to-use plan finder click here. You can also use this graphic that contains helpful tips for reviewing plans during the open enrollment period.
For seniors, taking these little steps to review and renew plans will make all the difference to your health. We all know time flies when you are having fun, so take a quick look at your coverage during the next few days and ensure your plans are fitting your future health needs.