Is It Time to Take Another Look at Your Coverage?
Every fall, we hear some version of the same thing in our office:
“I like the plan I have, so I don’t need to do anything.”
And you may be exactly right! But before leaving everything the same, we always encourage you to take a look.
You may not have changed, but your plan can.
Medicare’s Annual Open Enrollment runs October 15 through December 7. This is your opportunity to see what’s changing and make sure your coverage still fits your needs.
Don’t Forget Your Prescription Drug Plan
If there is one thing we encourage Medicare clients to review every year, it’s prescription drug coverage. This can be as simple as entering your medications and pharmacy into Medicare.gov to see if anything has changed.
You can take the same medications and use the same pharmacy and still see your costs change. Plans can change formularies, premiums, deductibles and preferred pharmacies.
Don’t look only at the premium. Look at the whole picture—your medications, dosage, pharmacy, premium and estimated yearly prescription costs.
Sometimes you do all that work and discover your current plan is still your best option. That’s okay! The goal isn’t to change your plan. It’s to make sure you have a reason to keep it.
Medicare Advantage Is Changing, Too
If you have Medicare Advantage, this is also an important time to pay attention. Plans can change premiums, deductibles, copays, prescription coverage and additional benefits from year to year.
Start with what matters most—your healthcare.
What will you pay if you’re hospitalized? How are your prescriptions covered? What could you pay when you actually use your benefits?
Extra benefits are important, but they shouldn’t be the only reason you choose a Medicare plan.
Have a Medicare Supplement? Let’s Talk About Cost.
October 15 through December 7 isn’t technically an Open Enrollment Period for Medicare Supplements, and changing policies may require medical underwriting.
However, we’ve seen Medicare Supplement premiums continue to rise, with many people paying considerably more than when they originally purchased their policy.
You don’t have to wait until your premium becomes unaffordable to ask what your options are.
If you love your Supplement but not what you’re paying for it, let us take a look. Medicare Supplements are standardized, so another company may offer the same plan letter at a more affordable premium, or there may be another option worth considering.
Never cancel existing coverage until you know you’re approved for and comfortable with your new coverage. Sometimes staying exactly where you are is still the right answer—and we’re perfectly happy to tell you that, too.
Not 65 Yet? We Can Help You, Too!
Medicare isn’t all we do. We also help individuals and families under 65 with health insurance through the Health Insurance Marketplace, also known as Affordable Care Act or ACA coverage.
If you’re self-employed, retiring before 65, or need individual or family health insurance, we can help you review your options.
Take a Look. Ask questions. Compare your options.
Whether you’ve had the same coverage for years or just enrolled, don’t assume what worked this year will automatically be the best fit next year.
You may find something that better fits your needs or saves you money. Or we may tell you, “Stay right where you are.” Either way, you’ll know.
At Medicare Insurance Specialists of the Shoals, we want our clients to understand what they have, know their options, and feel confident about their coverage for the year ahead.
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