Review Your Medicare Advantage Plan During Open Enrollment

From a physical and financial health perspective, it’s wise to review your Medicare Advantage coverage each year.

Medicare open enrollment takes place annually from Oct. 15 through Dec. 7, making fall a good time to plan for the year ahead.

The following considerations can help you determine whether your current plan meets your health and financial needs. If not, use this information as a starting point to explore new options.

Annual Notice of Change

In September, watch for your plan’s annual notice of change. Medicare Advantage and Medicare Part D plans send this notice to announce important coverage updates.

Changes listed in the notice take effect in January, giving you time to review updates, compare costs and coverage, and explore other plans.

When you receive your annual notice of change, review the following:

• Benefits added or removed

• Monthly premium and cost-sharing amounts

• Providers in your network

• In-network coverage

• Out-of-network coverage

• Prescription drug coverage

If you don’t receive your notice by Sept. 30, contact your plan. They are required to send it each fall.

Coverage Considerations

As you evaluate your options, consider the following questions related to your personal health, financial standing and overall satisfaction with your plan.

Personal Health

• Does your plan meet your current health needs?

• Are you anticipating new health concerns or the need for additional coverage? For example:

  • Should you add dental or vision coverage?

  • Will you be taking new prescription drugs?

  • Has your doctor recommended surgeries or procedures for the coming year?

  • Does your family history suggest increased risk for certain conditions?

• Will the plan changes affect your ability to meet your health needs?

• Will your doctors and providers remain in network?

• Will your prescriptions continue to be covered?

Financial Standing

• Do monthly premiums fit your budget?

• Will deductibles, copays, coinsurance and out-of-pocket limits be manageable?

• Is your financial situation stable?

• Are there challenges that could affect your ability to pay for medical needs? For example:

  • Will you be moving to a new location?

  • Do you expect to travel extensively or internationally?

  • Are you facing financial changes due to job loss, marital status or investments?

• If your budget is tight, are there programs to help with Medicare costs?

Plan Satisfaction

• Is your plan responsive to your needs?

• Do you have access to 24/7 support?

• Can you find information and resources online?

• Is there a rewards program for healthy activities?

• Are there discounts for prescriptions, such as mail-order or 90-day supplies?

Reviewing Your Options

With answers to these questions, you’ll be better equipped to choose a plan that fits your needs.

 

Need Help?

To schedule an appointment or get assistance, contact Jodie Rennich or Tina Reiss.