Medicare Annual Enrollment Opens Soon: Take These Three Steps Now
As you might already know, Medicare’s Annual Election Period begins October 15. Since that time is rapidly approaching, take these three steps to get ready now.
Investigate your current plan’s network. Those enrolled in Original Medicare can use any doctor or facility that accepts Medicare. But those on Medicare Advantage plans receive services through networks of covered providers and facilities. Check to be sure your preferred doctors and care locations are included on your current plan’s network (and yes, this can sometimes change from one year to the next).
If you want to use a particular doctor or facility that is not offered on your network, it’s time to start researching Medicare Advantage plans to identify a network that fits your preferences.
Consider prescription drug coverage. If you’re enrolled in Original Medicare, assess your current out-of-pocket spending on prescription drugs. In many cases, enrolling in a Part D plan can help you save money on the medications you need.
Many Medicare Advantage plans include Part D as part of their comprehensive coverage. However, formularies (the list of covered prescription drugs) varies from one plan to the next. They can even change from year to year. So, check your current plan’s formulary to discover whether your preferred drugs are covered, and compare to other Advantage plans to determine whether you might save money on another plan.
Analyze your budget. Have you felt satisfied by your out-of-pocket spending over the past year? Or do your healthcare needs exceed your budget? Determine your expected spending and then compare different Medicare plans to locate one that provides for your needs.
Medicare plans can be complex and confusing at times. Contact us for assistance, and we will help you compare the different options available to you. Then, together we can identify a plan that fits into your budget while also providing the care you need. We’ll get you ready for the Medicare Annual Election Period so that you can make an informed choice.