Every year is a new opportunity to find the best Medicare plan for your needs. Although you usually have the option of staying in the same Medicare plan, there may be a better fit. Prepare for your Medicare renewal so you don’t miss out.
How the Medicare Renewal Works
Every year, insurance companies have the chance to make changes to their Medicare Advantage and Medicare Part D prescription drug coverages. Some of these changes could result in additional benefits and better coverage, but others could result in higher costs and reduced benefits. At the same time, insurance companies may offer new plans that were not available in past years, giving Medicare beneficiaries additional options that may better fit their needs.
Here’s how it works:
- In September, Medicare insurers send out the Annual Notice of Change. This important letter alerts you to any changes to your plan for the following year, including differences in coverage and costs.
- Between October 15 and December 7, Medicare enrollees can take advantage of the fall annual election period to change their plan enrollment. During this time, if you have Medicare Advantage, you can switch to a different Medicare Advantage plan or switch to Original Medicare and select a Medicare Part D prescription drug plan. If you have Original Medicare, you can select a new Medicare Part D plan, or you can switch to Medicare Part D. If you like your plan, you can keep it – but make sure it’s still the best fit for your needs!
- On January 1, your new plan takes effect. If you are staying in your current plan, any changes to costs and coverage go into effect. Hopefully, you like your plan, but if you are enrolled in Medicare Advantage and you don’t your plan, you can use the Medicare Advantage Open Enrollment Period to switch to a different Medicare Advantage plan or drop Medicare Advantage and return to Original Medicare. The Medicare Advantage Open Enrollment Period ends on March 31.
How to Get Help with Your Medicare Enrollment
Most Medicare enrollees have a lot of Medicare Advantage and Medicare Part D plans to choose from. Understanding the changes to your current plan and comparing your coverage to all your other options can be overwhelming. A Medicare agent can help you review your plan choices and enroll.
Independent Medicare agents represent plans from multiple insurance companies, so they are in a good position to help you understand your choice. Typically, independent agents earn a commission from the insurer for the service that they provide – this means you don’t have to pay a dime to enjoy their services!
What to Expect During a Medicare Meeting
A Medicare agent will need to ask questions about your healthcare needs and costs in order to find a plan that provides the coverage you need at the best overall price. While many Medicare enrollees focus on the monthly premium, Medicare agents understand that copays and deductibles can have a greater impact on your financial wellbeing, so it’s important to achieve an accurate view of all of your expected costs.
To help the review for your Medicare renewal go smoothly, come prepared with the following information:
- Your preferred doctors and healthcare facilities. Your agent will want to check the plan’s network to see if your preferred doctors and healthcare facilities are included. Be sure to include both your primary care doctor and any specialists you see.
- Your prescriptions. Your agent will also need to check the plan’s drug formulary to see if your prescriptions are covered and how much you can expect to pay. If you have a preferred pharmacy, provide that information, too.
- Your coverage needs. If there are extra benefits that you want or need, be sure to discuss this with your agent. While some benefits are covered by all Medicare plans, many supplemental benefits vary from plan to plan. These can include things like vision, hearing and dental benefits, as well as things like gym membership or transportation benefits to help you get to your doctor visits.
You’ll also need to bring your ID and Medicare card.
Don’t Put It Off
Although you can work with an independent agent at any time during the annual election period, it’s smart NOT to wait until December. This enrollment period is very busy for insurance agents! To make sure you get an appointment, reach out to an agent early and reserve your time slot.
Looking for an agent to help you with your Medicare renewal? Contact Healthcare Educators.