It’s hard to believe it is already nearing the end of September. Just around the corner is Halloween, which starts the hustle and bustle of the holiday season. All of this also means that open enrollment for Medicare is almost here. The Medicare open enrollment period runs from October 15th through December 7th.
During this time, Medicare allows beneficiaries a window to shop around and determine which Medicare plan is right for them. They can choose to stay with the plan they are currently on, however if another plan is better suited, this would be the time period to switch.
During this seven-week period you can do the following:
- Enroll in Medicare Part D (prescription drug) plan.
- Go from a Medicare Advantage (Part C) to a traditional Medicare Part A and B.
- Enroll in a Medicare Advantage Plan
- Change Advantage Plans
It might surprise you to know that very few Medicare beneficiaries actually take advantage of the open enrollment period. Are you one of the many who don’t do anything? By utilizing this time to review your current plan and determining if you can make changes, you may be able to cut your premium by at least 5%! Keep in mind, both premiums and plan coverage do fluctuate from year to year, this is another reason why it’s so important to review your current plan.
Some things you want to consider when reviewing:
- Your doctors are still a part of the Medicare Advantage Plan provider network.
- The prescription drugs you take are still on the list of covered drugs. This does change from year to year and drugs can drop from the list, so be aware!
- Review your total out-of-pocket costs based on the plan you have compared to others. This is where you may find, you can save money by switching to a different plan.
When you receive your “Annual Notice of Change” letter, be sure to take action! If you need assistance determining what the right option for you is, contact a professional to help guide you through. We are here to help you should you need any assistance!