Review Your Medicare Coverage To Prepare for Changes
August 5, 2024 | Todd Lewison
Whether you just started Medicare this year or have been on Medicare for several years, it’s probably no surprise that things can change often. In fact, premiums, plan benefits and more can change from year to year. This is why it’s so important to review your medicare coverage so you can understand the changes that are happening and any action you may need to take to be prepared for the changes occurring.
Why Reviewing Coverage is Important
There are many reasons why reviewing your Medicare coverage each year is important. From changes in Medicare to personal changes in your life, a lot can influence your coverage and whether it is still the best fit for your needs.
Some reasons to review Medicare coverage include:
- Changes in personal health needs
- Changes in Medicare legislation
- Changes in plan premiums, deductibles and/or copays and coinsurance
- Changes in Medicare plans, such as plan benefits and covered services
- Plan formulary changes that impact coverage on certain prescription medications
- Network changes that affect access to care at certain providers or clinic systems
- Avoiding unexpected costs and potential lack of coverage
- New plan options available that may be a better fit for your needs
Know the Important Dates
You can only make changes to your Medicare plans at specific times each year. Knowing these key timeframes, known as Medicare election periods, is critical to reviewing your Medicare coverage and making any necessary changes.
Medicare Annual Enrollment Period (AEP)
The Medicare Annual Enrollment Period (AEP) runs from October 15th to December 7th each year. During AEP, Medicare recipients should review their current coverage and can make any changes to it. Changes made during this timeframe will take effect on January 1st of the following calendar year.
Medicare Advantage Open Enrollment Period (MA OEP)
The Medicare Advantage Open Enrollment Period (MA OEP), occurs annually from January 1st to March 31st. During this time Medicare Advantage plan members can adjust their existing plan or switch back to Original Medicare. Whether you missed reviewing and changing during the Medicare AEP in the fall or you changed only to discover the new plan is not working for your needs, this gives you another opportunity to review and obtain the proper coverage.
Find out More: What Are Medicare Election Periods?
Steps to Review Your Medicare Coverage
1.) Gather Your Current Plan Information
Review your current plan information, such as the summary of benefits or explanation of coverage. Refreshing yourself on how services are covered can be helpful before looking at upcoming changes. Depending on the type of plan you are enrolled in, you will receive important plan updates in the fall. This could include an ANOC booklet, premium changes and formulary notices.
2.) Consider Your Current and Future Needs
Take some time to assess any changes in health status, medication changes and lifestyle changes. Has your existing plan accommodated any of these changes, and will it continue in the next year? Considerations such as whether you will have elective surgery in the next year, more physical therapy appointments, and whether you will be traveling more often are all examples of factors that could influence which Medicare plan is ideal for your needs.
3.) Evaluate Plan Options
Whether you have original Medicare, a Medigap policy, a stand-alone Part D drug plan, or a Medicare Advantage plan, it is important to understand your plan options. There are many different types of plans, and many insurance companies offer them. It can quickly become overwhelming to evaluate and compare all of these options, but several beneficial resources are available that will make the process significantly easier.
Utilize Available Resources
- Attend a Medicare workshop to learn about plan types and specific plan offerings.
- Explore plans on the Medicare plan finder tool.
- Review the Medicare & You handbook.
- Consult with a Medicare broker, such as the trusted team at Twin City Underwriters.
Regularly reviewing your Medicare coverage is essential. It ensures your plan meets your healthcare needs, keeps you informed about changes in coverage and costs, and helps you find the most cost-effective options. Yearly reviews empower you to make informed decisions and have peace of mind that you have the most suitable and affordable healthcare coverage for your needs. Need help reviewing your current plan or comparing Medicare options? Our team of licensed Medicare agents is here to assist you. Contact us today.
Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Attend an online Medicare webinar, in-person Medicare workshop, or schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!
Do you need help with Medicare, insurance and health plans? Explore your options with Allina Health Aetna, BlueCross BlueShield of Minnesota, Medica, UCare, United HealthCare and more. We work with you to find the best plan for your needs and budget. Contact us today to get started.
