Each year, Medicare operates their Annual Election period from October 15 through December 7. During this time, you can make changes to your Medicare plan for the following year. Even those of you who have been satisfied with your plans in the past should do four things:
1.Review your out-of-pocket spending for the past year. Is it in line with your budget? Are you satisfied with your expenses or would you prefer to reduce them?
2. Discuss upcoming healthcare needs with your physician. Do you anticipate needing specific procedures in the next year? Are you satisfied with your prescription medications, or would you prefer to try something new? Are you at risk for any conditions for which you should be screened, or might need treatment in the near future? Will your current Medicare plan continue to meet those needs?
3. Read all notices mailed to you from Medicare or your Advantage Plan provider. Even if you have been satisfied with your plan in the past, you can’t assume that it will stay the same forever. Plan administrators can and do make changes from one year to the next, but you might not learn about them unless you read these notices.
4. Discuss your budget, out-of-pocket spending, changes to your plan, and any other concerns with an experienced Medicare agent.
Give us a call, and we can help you determine whether your current plan is still suited for your present and future needs. We will evaluate your spending, compare plans, and investigate whether a different plan might be a better fit for you. We can also discuss various supplemental coverage at this time, depending upon your interest.
Most importantly, remember that plans do change. What worked for you last year might not continue to work in the future.
We will be holding a free virtual workshop on September 2, to help you investigate these issues and answer your questions. If you would like to attend, click this link to sign up. We can help you take the above steps so that you’re ready when the Annual Election Period opens on October 15.