Is it time for a change of plan?
Medicare open enrollment provides the opportunity to pair coverage with life’s changes.
- Ask important questions. Have your needs changed? Is your current coverage adequate? Is the cost of your current plan going up? Are there comparable, lower-cost plans available?
- Review the annual notice of change from your current plan provider. You should receive this in September.
- If you have a Medicare Advantage plan, make sure your doctor will still accept your plan next year. If your doctor is out of network, you must choose a new plan or pay higher out-of-pocket costs.
- Carefully review your prescription drug coverage and what those copayment and coinsurance costs are.
- If you switch from a Medicare Advantage plan to Original Medicare, you may want to join a standalone Part D plan to get Medicare drug coverage.
- Compare plans using the Medicare Plan Finder at medicare.gov.
- You’ll have to wait for an enrollment period to sign up for coverage.
- You may have to pay a late enrollment penalty. Learn more at medicare.gov.
Medicare can be complicated, but your advisor can help. He or she has assessment tools to help determine the right coverage if you are transitioning to Medicare or if you are updating current coverage. The choices are numerous and are driven by many factors including personal health, choice of doctors, financial considerations and even ZIP codes.
- Mark the Medicare open enrollment dates on your calendar.
- Review the annual notice of change from your current plan provider.
- Set aside time with your advisor to assess your current coverage and make adjustments.