Medicare Open Enrollment is here, and many people are wondering what they should actually do before December 7. If you are unsure whether your plan is still a good fit, consider comparing Medicare plans before making a decision.
Personally, watching Medicare Advantage commercials one after another is about as fun as listening to nails on a chalkboard.
You know the commercials…Joe Namath and JJ Walker are talking about ‘getting the benefits you are entitled to’. Of course, these commercials are not all they seem to be.
UPDATE: Due to newer legislation, these types of confusing commercials are no longer allowed.
Don’t get too excited, since these advertisers will work hard to find ways to work around the newer advertising. Personally they are a great time to go grab a glass of water and take care of your health.
Too learn more about the Medicare Advantage commercials check out our article found here.
Great question. Medicare began calling the October 15 to December 7 Annual Election Period the Open Enrollment Period in commercials.
The Medicare Advantage Open Enrollment Period runs from January 1 to March 31 each year. Unfortunately, this only adds more confusion to an already confusing time. Enough complaining. Let’s discuss what you should do to navigate these enrollment periods.
No matter what commercials or junk mail say, you do not have to change plans during either enrollment period. If your Medicare Advantage or Part D plan works well and nothing major changed, you can stay where you are.
Check your Annual Notice of Change letter for any major changes to your coverage or prescription costs. If your plan no longer works well or changes will negatively affect you next year, switching plans may make sense. In this article, we will explain how these enrollment periods differ and how you can use them.
By the end, you should clearly understand what steps you need to take.
One of the most important things to do during Medicare Open Enrollment is to review your current prescription drug coverage.
Make sure that you review and compare your current Part D prescription drug plan.
Keep in mind that your current drug plan may change the prescriptions covered on its formulary.
You want to make sure that all of your current prescriptions are still covered next year.
You should also review what your co-payments will be so that you do not experience unexpected costs.
If you are covered by a Medicare Advantage plan, you should review any changes that may occur with your plan renewal.
Plans are required to send a Plan Annual Notice of Change (ANOC) each September.
This document gives you time to review changes and decide whether your current plan will continue to meet your needs.
Some things that may change include:
If you are enrolled in an HMO or PPO plan, always confirm that your doctors plan to accept the plan next year.
The Annual Notice of Change (ANOC) explains how your plan will change for the upcoming year.
Reviewing this document helps you avoid surprises with:
If important changes appear in the ANOC, it may be time to compare Medicare plans before the enrollment deadline.
During the annual election period, as we stated earlier, this is also now called the Medicare Open Enrollment Period. During the period of October 15th – December 7th you can:
The key thing to remember is that our advisors here at Senior Benefit Services, Inc can help you navigate. If you really need to make a change, they will advise you on your best options.
If you don’t need to make a change, then they will advise you to remain in your current plan and just ignore all the junk mail, television, and radio commercials.
There is great news, if your wondering what you should do if you already have a medicare supplement plan. The great news is that the Annual Election Period (Medicare Open Enrollment Period) does not apply to Medicare Supplements. The reason why is that each year your Medicare Supplement core benefits will not change.
If you have a plan that covers the Part A deductible, then your plan each year will continue to cover that cost. It doesn’t matter that the Part A deductible goes up every year, because your Medicare Supplement plan will still cover it.
This means that you do not have to make any changes to your Medicare Supplement plan during this period of time.
Sorry to say, but Medicare Supplement plans are health insurance policies, and due to rising medical costs and claims being paid out. These plans will typically go up each year.
While your premium may go up, your benefits don’t go down.
You are free to shop your Medicare Supplement plan during the Medicare Open Enrollment & Annual Enrollment Period. This goes for any other time of the year.
One point that I want to make is the Annual Election Period does NOT provide special provisions to guarantee another Medicare Supplement.
This is 100% true for Medicare Advantage and stand-alone Part D prescription drug plans. Medicare Advantage plans usually ask only one health question about End Stage Renal Disease (ESRD).
Stand-alone Medicare Part D prescription drug plans ask no health questions. That is why these plans are usually easy to change during enrollment periods. However, this enrollment period has never applied to Medicare Supplement plans.
When switching Medicare Supplement plans, you usually must answer health questions and qualify medically. To see if you can lower your Medicare Supplement premium, click the button below. It is fast, simple, and there is absolutely no obligation.
This period which runs from January 1st – March 31st allows you to:
IMPORTANT REMINDER: This is for Original Medicare only and does not pertain to Medicare Supplements.
To make this easier, lets break it down into three categories:
Category 1 – You are an existing client of Senior Benefit Services, Inc. The first thing you should do is review your Annual Notice Change Letter to see if there are any plan changes.
The next step would be to also take note if you had any new prescriptions added this year that are in a higher Tier pricing. While your current plan may cover it, another plan may cover the prescription at a lower Tier pricing ney.
If there are notable changes to your coverage or changes in your prescription costs, then you should contact your Senior Benefit Services advisor to schedule a review.
Many of our clients simply prefer to have a standing annual review each year for peace of mind.
Category 2 – You are not an existing client of Senior Benefit Services, Inc. but feel that our well-known top shelf service would be of great value, then feel free to call (800)924-4727 and we will have an advisor assigned to you.
Category 3 – You are someone who enjoys doing everything yourself. While this path is filled with lots of confusing information to digest and understand, you can opt to do this.
Keep in mind that you will not be saving any money since premiums are set by the plans and approved by CMS, but you can call Medicare directly at 1-800-MEDICARE for help or go to Medicare.gov and use the Plan Finder on their website.
We would enjoy having the opportunity to show you why so many Medicare beneficiaries love working with our company and have been with us for decades. You will always receive straightforward, honest advice that benefits you and not the insurance company. Contact us to make the Medicare Open Enrollment season relaxing. Remember…We Make Medicare Easy!
No. You do not have to change your Medicare plan during Open Enrollment.
If your coverage still works well and your Annual Notice of Change shows no major changes, you can keep it.
Many people simply review their coverage and stay where they are.
Start by reviewing your Annual Notice of Change letter.
Check for changes to premiums, prescription drug coverage, or doctor networks.
If anything important changed, it may be time to compare Medicare plans before the December 7 deadline.
You may want to switch if:
Open Enrollment allows you to switch Medicare Advantage plans if a better option exists.
Yes. Medicare Open Enrollment is the best time to compare Medicare plans.
You can review your current coverage and see if another plan offers:
lower premiumsxists.
lower prescription costs
better provider networks
The best first step is a Medicare plan review.
Look at your Annual Notice of Change and confirm that your prescriptions, doctors, and costs still work for you.
If not, you still have time to compare Medicare plans before December 7.
Hours :
Hours :
Hours :
Hours :
Hours :
Hours :