We’re referring to the extra coverage obtained through companies like Humana, United Health, or Blue Cross. If you have never reviewed it, it is a great time to begin. You’ll soon be getting lots of Medicare Open Enrollment reminders in the mail and on TV. Open Enrollment happens annually, running from October 15 through December 7. It’s smart to consider all available options before the enrollment period begins.
But why should you think about changing your current policies?
The biggest reason is often because you yourself have changed. Actually, this is almost guaranteed to happen! You likely enrolled in Medicare when you were younger, around age 65. Ideally, you were healthy, needed only basic medical care beyond regular check-ups, and had healthy habits. However, that could have been many years in the past, and your situation may be different now.
By the time you reach 75 or 80 years old, you might require different medical specialists, new prescriptions, medical equipment, or services such as physical therapy. What worked well for a healthy 65-year-old might not be adequate anymore. The creators of Medicare were aware of this possibility and planned accordingly, knowing that some seniors would want to make adjustments each year. Open Enrollment gives an easy chance to make changes.
Please remember- You can make adjustments outside the Open Enrollment timeframe, but only if you are eligible for a SEP (Special Enrollment Period).
To qualify, you’ll need to meet certain criteria, such as moving from your current plan’s area, losing your current coverage, or experiencing a change in Medicaid status. This requirement allows insurance providers to plan for a consistent number of enrollees in the upcoming year.
What steps should you take before Open Enrollment starts?
Spend some time assessing your healthcare needs and evaluating how well your insurance plan is meeting them. How well does the current plan work for you? A structured method simplifies the process of finding the best choice for you.
Start with a list of all your healthcare providers. This includes doctors, labs, hospitals, pharmacies, and services like physical therapy. Does your current plan cover all these services, providers and medications? If it does not, you may want to consider a different plan.
Next, determine how much you actually paid yourself for those services during the past year. “Out-of-pocket” costs include deductibles, co-pays, out-of-network fees, etc. Many seniors are shocked by the expense of these uncovered costs in a plan they had considered to be a great deal. The existing plan might look affordable initially, but it might become an expensive mistake once all the additional costs are factored in.
Vision, hearing, and dental care represent a significant category of uncovered healthcare needs. Individuals who initially enrolled in Original Medicare alongside a Part D Prescription Drug plan most likely lack coverage for vision or dental services. Conversely, “Advantage plans” often include some form of vision and dental coverage. This additional coverage could potentially encourage you to switch over to an Advantage plan. When compared to Original Medicare, these plans frequently offer opportunities for reducing your out-of-pocket expenses.
It’s important to be aware of the allowable changes you can implement during the Open Enrollment period. You have the option to transition from Original Medicare to an Advantage plan, switch between different Advantage plans, or revert from an Advantage Plan back to Original Medicare coupled with a Part D drug plan. Should you make this decision, obtaining a Medigap Supplemental plan will likely be necessary. Furthermore, you have the flexibility to change between Part D plans.
It’s an appropriate moment to contemplate this matter. Commencing in early October, senior citizens will be exposed to a deluge of advertisements via television and postal mail, all urging them to select a specific plan. At best, these advertisements generate confusion. At worst, they have the potential to be deceptive. They might employ appealing phrases like “absolutely no additional premiums,” while omitting any mention of limitations on coverage or provider options. Senior citizens should maintain a critical perspective and thoroughly research the specifics of each plan under consideration. You are welcome to contact Brandi Hardy from Florida Legacy Advisors at 386-299-7317 at any time.
Medicare’s Five Star Quality Rating System for Medicare Advantage plans serves as a reliable source of information. Medicare releases an annual directory of Advantage plans, assessing their effectiveness in fulfilling the needs of their subscribers. These evaluations are typically made public in early October, before the commencement of Open Enrollment. OurSeniors.net will provide ongoing updates regarding these ratings and demonstrate how to effectively utilize them.
We encourage you to regularly visit OurSeniors.Net to obtain the kind of information that enables you to make well-informed decisions. As your preferred senior living magazine and online senior living magazine, we pledge to keep you updated on subjects such as news related to senior housing, lifestyle in Florida, matters concerning Social Security, and choices within Medicare.
