The Medicare Annual Enrollment Period (AEP) runs from Oct. 15 to Dec. 7, and is generally the only time of year when you can make changes to your supplemental Medicare coverage. AEP is a great time to evaluate changes to your health over the past year (and to think about how expected health changes may impact you), and to make sure your plan is a good fit for the upcoming year. Taking the time to explore your Medicare options can help you find a plan with the best coverage for you for the year ahead, and potentially save you money. You may find your current plan is still the perfect fit, but it’s always a good idea to reaffirm your decision. Here are three questions to help you decide if your current plan is still meeting your needs:
- Have my health care needs changed?
Health care needs are constantly changing, and there is a chance that what worked for you in the past may not be the best fit for you moving forward. It can be helpful to estimate your expected costs for the upcoming year by using your benefit usage from the past 12 months as a guide. This should include common expenses such as monthly premiums, deductibles, copays and prescription costs. Also, if you’ve been diagnosed with a new health condition or your medications have changed, you may need different Medicare plan benefits next year. Anticipating your health care needs will help you choose the best plan from a cost and coverage perspective. - Has my current plan changed at all?
If you’re currently enrolled in a Medicare Advantage plan, your insurance company should have mailed you information explaining any changes to your plan for the upcoming year. You’ll receive a lot of communication about insurance during this time, so it’s important to review these documents carefully. Pay special attention to premium changes and adjustments to your plan’s network or benefits. Double check to make sure your coverage still includes your prescriptions and that your primary care provider (PCP) is still under your plan’s network—and look to see what other providers have been added to your network in case you ever want to change your PCP.
3. Are there other options that might be a better fit?
AEP is the chance to do some health insurance exploring. If you want to evaluate your plan but aren’t sure where to get started, there are many resources available to you. A great place to start is medicare.gov, which offers information, explanations and other free resources on everything you need to know about Medicare. Another option is speaking with a certified insurance agent who can help you compare plans. You can also check with your health insurance company to see if they have specific tools or additional resources to help you get to know your current plan better. Priority Health offers several tools such as a Medicare Plan Advisor and a Medicare Guide that can help you choose the right plan. Medicare may seem overwhelming, but don’t let that get in the way of making sure you have the coverage you need. Do your research, think about your needs, ask the right questions and take advantage of this year’s AEP to choose a plan you can feel good about.
