October 15 is an important date for Medicare beneficiaries. It marks the beginning of Medicare’s Annual Election Period, also commonly called Medicare Open Enrollment. From October 15 through December 7, people with Medicare have an opportunity to review their coverage and make certain changes for the coming year. Changes made during this period generally take effect January 1.
Even if you are satisfied with your current coverage, it is worth taking some time to review your options. Medicare Advantage and Part D prescription drug plans can change their costs, benefits, provider networks, formularies, and other coverage details from one year to the next.
Here are a few steps you can take now to prepare.
1. Review your Annual Notice of Change
If you’re already enrolled in a Medicare plan, watch for your Annual Notice of Change (ANOC). Plans send this document each fall, typically in September, and it explains changes in coverage, costs, and other plan details that will take effect in January.
Don’t simply assume that because your plan worked well this year, everything will remain the same next year.
2. Make a list of your medications
Write down the prescription medications you currently take, including dosage and frequency. When comparing plans, check whether your medications are covered and review what you could expect to pay. Medicare specifically recommends entering your prescriptions when comparing plans to estimate monthly and annual drug costs.
3. Review your doctors and preferred pharmacies
If you have Medicare Advantage, provider networks can be an important consideration. Make a list of the doctors, specialists, hospitals, and pharmacies you prefer so you can determine whether they participate in a plan you are considering. Medicare recommends confirming network participation directly with doctors and pharmacies.
4. Think about what has changed
Has your health changed during the past year? Are you taking new medications? Are you seeing new specialists? Are you spending part of the year in another state? Changes in your circumstances can affect which coverage works for you.
5. Compare your options before making a decision
From October 15 through December 7, beneficiaries can make several types of changes, including switching Medicare Advantage plans, changing Part D plans, or moving between Original Medicare and Medicare Advantage, subject to applicable rules.
Medicare choices can be confusing, but you don’t have to sort through and decipher them alone. Help with your Medicare plan is always free. Contact our health insurance brokers at Global Health Insurance for assistance reviewing your options and completing enrollment. We can help you understand the choices available so that you make an informed decision about your Medicare coverage for the coming year.
