As the colder months approach, it’s also time for Medicare Open Enrollment. For those aged 65 and older, this is the critical period to review and potentially adjust your Medicare coverage. Open Enrollment starts on October 15th and ends on December 7th, making it the perfect time to understand your current coverage and make sure you’re prepared. Waiting until an emergency to discover what is or isn’t covered could leave you vulnerable.
So, what does Medicare Open Enrollment entail? The abundance of information in the Medicare Guide for 2023 can seem overwhelming. But there's no need to stress—your broker can offer guidance and clarity, ensuring that you're confident in your choices. Below are a few key tips to help you navigate the open enrollment season with ease.
If you have Medicare Parts A and B, you are eligible to make changes to your plan. However, if you’re happy with your current coverage, there’s no need to worry—your plan will automatically renew. Depending on your current health coverage, you might have a Medicare Supplement or Medicare Advantage plan. Not sure what plan you’re on? Contact your broker, and they will help you figure it out.
Now is also a great time to understand the difference between Medicare Supplement and Advantage Plans. Advantage Plans, often advertised on TV, come with attractive perks like low premiums and are often endorsed by celebrities. However, they tend to be strict HMOs, with a smaller network of providers, meaning the plan dictates much of your healthcare. Advantage Plans typically have lower premiums, but if you want to switch from an Advantage Plan to a Supplement, be aware that you’ll have to answer medical questions when applying for the switch.
On the other hand, Medicare Supplements don’t receive as much advertising and usually have higher premiums. Before you opt for the cheapest plan, consider this: insurance is either "pay upfront" or "pay as you go." With a Supplement, you’re paying upfront for more freedom and a larger network of healthcare providers, which allows for more personal choice in your care. You can switch to an Advantage Plan during Open Enrollment without having to answer medical questions.
This is the ideal time to review your current plan to determine if you have standalone drug coverage or if a better or more affordable option is available. It’s far better to explore your options now than to wait until you’re sick and need immediate care. Once a serious health issue arises, your options may become limited, leaving you with fewer choices. Make sure you know how your plan works in case of an emergency, and be confident that your coverage is sufficient when the time comes.
Don't let this important season pass without ensuring you have the best coverage for your needs. Reach out to your broker for assistance in navigating your Medicare options.
Product descriptions provide a summary of coverage and are provided as a reference only. The actual policy determines coverage. The policy contains exclusions, limitations and other provisions not referenced (or only briefly summarized) here and the policy should be consulted for full coverage terms, conditions, and requirements.
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