The Medicare Annual Election Period is approaching fast, and will begin October 15. This is your chance to review both your plan and your budget, to determine whether your current plan is the best fit for your needs.
Medicare plans are complex, and you might need assistance to determine which one suits you. But asking yourself these three questions can get you started toward making this very important decision.
Is my doctor part of my plan’s network? Medicare Advantage plans are organized around networks of providers, whereas Original Medicare and Medicare Supplement plans allow you to visit any provider that accepts Medicare.
Network coverage can sometimes change from one year to the next. So if you prefer a Medicare Advantage plan, check to be sure that your preferred facilities and doctors are covered under your plan. If not, we can help you locate a plan that does offer that coverage.
Do I need prescription drug coverage? Original Medicare doesn’t include prescription drug coverage, but you can enroll in a Part D plan to cover that need. Many Medicare Advantage plans do include Part D coverage, however. If you take prescription drugs regularly, it is likely that a Part D plan will benefit you. Check your plan’s formulary, keeping in mind that it can change each year, to determine whether it provides for your needs. Comparing several plans can help you locate the one that provides appropriate coverage.
What is my healthcare budget? How much can you afford to pay for out-of-pocket expenses like premiums, co-pays, and deductibles? Has your current plan helped you to manage expenses well, or do you prefer to shop for a plan with lower out-of-pocket costs? Numerous options are available to help you fit healthcare into your budget.
Give us a call, and we’ll help you assess your current coverage and any impeding changes to your plan that might affect you. Then, together we can compare Medicare plans to see if we can locate a better fit for both your finances and healthcare needs.