Maximizing Your Medicare: Top Tips For The Annual Enrollment Period

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understanding changes in health insurance

The rules, regulations and restrictions of medical insurance can change a lot over short periods of time. What may be covered this year may not be next year. The premiums that you are paying this year could double next year. How much do you pay out of pocket before your insurance picks up the expenses? Do you have an out of pocket limit to meet before your insurance covers anything? Our blog will help you gain a better understanding of how your insurance works to protect you and assistance in reading the documents you receive to alert you of upcoming changes on your health insurance policy.

Maximizing Your Medicare: Top Tips For The Annual Enrollment Period

31 July 2023
 Categories: , Blog

As you approach retirement or plan for your future healthcare needs, it's essential to understand the various aspects of Medicare.

Each year during the annual enrollment period, beneficiaries can review their plan, make changes, and choose the best coverage for the following year.

Here are some of the top tips to maximize your Medicare benefits during the annual enrollment period.

Understand the Different Parts of Medicare

Before diving into the enrollment period, it's vital to understand the different parts of Medicare. These are Part A, Part B, Part C, and Part D. Each part covers different services, so understanding what you need is crucial in choosing the right plan for you.

Evaluate Your Current Coverage

Start by reviewing your current coverage and how well it met your needs over the past year.

Consider if you were satisfied with the coverage, cost, and customer service. Did your plan cover the doctors you wanted to see, and were your medications covered under your plan's formulary?

If you found that your current plan didn't meet your needs, the annual enrollment period is the time to make necessary changes.

Assess Your Health Needs for the Coming Year

Your health needs can change from year to year. For example, you might need surgery next year, or your doctor might have changed your prescription medications.

Take these potential changes into account when reviewing plans. A plan that worked well for you this year may not be the best choice next year if your health needs or medications change.

Compare Medicare Advantage and Original Medicare

Original Medicare is made up of Part A and Part B, while Medicare Advantage bundles A, B, and usually D into one plan, often including additional benefits.

If you're considering switching from Original Medicare to Medicare Advantage, compare the costs, including premiums, deductibles, and out-of-pocket maximums. Also, check the network of doctors and health care providers.

Review the Drug Formulary

If you take prescription medications, it's crucial to check each plan's drug formulary — the list of drugs that insurance covers. Make sure your medications are on the list and check their pricing tiers.

Research and Use Available Tools

Take advantage of online tools and resources to compare plans. The official Medicare website provides a 'Plan Finder' tool that can help you compare costs, coverage, and ratings of different plans available in your area.

Consider Getting Help

Medicare can be complex. You may want to consult with a trusted advisor, such as a Medicare counselor, to help you understand your options and guide you through the enrollment process.

Contact a local company to learn more about the Medicare annual enrollment period.