Medicare’s Annual Election Period is happening now. We understand the temptation to make quick decisions and get the process over with. After all, comparing and analyzing health insurance plans isn’t exactly anyone’s idea of fun! But try not to be too hasty, and watch out for these three common Medicare enrollment mistakes.
Don’t automatically re-enroll in your Part D plan. Once you’ve selected a Part D (prescription) plan, don’t assume that the same plan will always work well for you. The plan’s formulary (list of covered drugs) can change each year. Out-of-pocket expenses can shift as well. Unfortunately, you can’t opt into a Part D plan once and then assume it will fit your needs forever.
Each year during the Annual Election Period, review your plan’s formulary and out-of-pocket charges, and compare it with other Part D plans that are available to you. You might find a better deal elsewhere.
Don’t assume that you and your spouse need the same plan. Just because your spouse’s plan works well for them, does not mean that it will work just right for you. You are individuals, with your own healthcare needs and priorities. Assess each of your plans as individuals, paying close attention to details such as physicians and facilities covered by the network, and the plan’s drug formulary. Choose plans that fit each of your needs best.
Don’t forget to check the network. If you opt for a Medicare Advantage plan, remember that these plans work within a network of approved providers. And each year, that network can change. So before you enroll or re-enroll in a Medicare Advantage plan, double check to be sure your preferred physicians and facilities will be included on the plan’s network for the following year.
And of course, if you have any questions or concerns about the Medicare enrollment process, do give us a call. Help is free, so you might as well utilize the guidance of a Medicare insurance professional.