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Tips To Help You Make The Most Out of Medicare’s Open Enrollment


Are you a Medicare beneficiary who’d like to change your coverage? You have from now until December 7th to do so, as the Medicare Annual Enrollment Period (AEP) is in full swing.

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Once a year, Medicare beneficiaries get the chance to change their coverage during the AEP. While it’s not mandated that you take action during the period, you can use it to make changes that can result in the perfect plan for your needs. With that in hand, you can enjoy savings plus the peace of mind that comes with knowing your health needs are covered.

There’s still time to take advantage of open enrollment. To make the most of it, follow these tips:

Use tools to help you make decisions

There’s no need to make huge decisions about your health coverage in the dark, especially with so many online tools at your disposal.

Medicare.gov’s Plan Finder tool can help you compare different options in a matter of minutes. If you find Plan Finder to be a bit clunky since it was updated and tweaked for the current year, PlanPrescriber can match you with the best plan in your area as well.



Look at plans from a variety of angles

Don’t let a new plan’s price be the only factor that catches your eye. What’s most affordable may not be the most convenient, rendering the plan useless.

For instance, is a potential plan within your network? Are the hospitals, pharmacies, and doctors you currently use included? If not, such a plan that’s affordable on the surface could end up costing you more money and time down the line.

Even if your current plan is ideal in terms of costs and coverage, review it. Policies can change each year, so it’s best to know where you stand before 2020 rolls around.

By reviewing your coverage during the open enrollment period, you have the chance to make immediate moves to counteract any price increases or other unfavorable changes to your policy.

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DO YOU NEED FINANCIAL ASSISTANCE

Stop! If you need financial assistance such as money to pay bills, a personal loan, or debt relief. See what resources are available to help you today.

Resources for Me

Make sure your doctor stays in-network

As mentioned, many plans can change every year. One of the biggest changes that can negatively impact your coverage is having your doctor go out of your network. Should this happen, you could see your out-of-pocket costs increase significantly.

Medicare Advantage beneficiaries should pay very close attention to this department. If you’re one of them, check your doctor’s status now before it’s too late.



Know your options

The open enrollment period provides tons of flexibility when it comes to changing coverage. Here are some examples of moves you can make to cut costs and keep yourself covered before the new year:

  • You can change from an Original Medicare (Parts A and B) plan to a Medicare Advantage (Part C) plan.
  • You can change from a Medicare Advantage Plan to an Original Medicare plan.
  • You can switch between different Medicare Advantage plans.
  • You can add or drop a prescription drug plan (Part D) to your Original Medicare plan.
  • You can drop your Part D plan or switch to a new one.
    Depending on your location, you could drop your Medicare Advantage plan and get a Medigap policy instead.

Should you make any changes, you can look forward to seeing your new coverage in action on January 1st.

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