Did you know that Medicare Open Enrollment is now upon us? Open enrollment started on October 15 and goes until December 7. It can be an important time to reflect on your health care needs for the coming year and to see if your current Medicare coverage selections best serve those needs.
First and foremost, you should be aware of what can be accomplished during the open enrollment period. During this time, you can switch Medicare plans. You also have the option of enrolling in additional coverage, such as Medicare Part D for participation in a prescription drug plan. Note that changes you make to your existing coverage will not take immediate effect. Instead, the changes will take effect in January of 2021.
While it can be tempting to focus on a plan’s premiums, what can best serve your interests is to check for things such as whether your doctor’s are and will remain in your plan’s network. Out of pocket costs for going to a doctor out of network can be costly. To avoid this, double check that your treating medical providers remain in your Medicare plan’s network. If not, you may want to make some changes.
In order to most effectively review whether your Medicare plan will continue to serve your needs in the coming year, or whether changes or additions should be made, it can be helpful to review your medical bills and records for the past six months. Use these records to project your likely medical treatment needs for the coming year. Select Medicare coverage that best suits these needs.
If you find it difficult to keep track of all your Medicare options, know that you are not alone. The plan-finder tool on the Centers for Medicare and Medicaid Services (CMS) website can be a valuable resource. Our office is also here to act as a resource to you and your loved ones as you look to see whether or not you have the best Medicare coverage for your individual healthcare needs. Please feel free to reach out to us for help during open enrollment and beyond.