The arrival of fall also marks the arrival of Medicare open enrollment from October 15 to December 7. During this time, you can change from Original Medicare to a Medicare Advantage plan or vice versa or switch from one Medicare Advantage plan to another. You can also join a Medicare Advantage or Medicare prescription drug plan for the first time or drop your drug coverage completely. The point is you’ve got options.
Open enrollment presents a great opportunity to make sure you’re getting the most from Medicare. Every year you should compare your current plan to other plans in your area in case one offers better health and/or drug coverage at lower prices or that better fits your needs.
The coverage provided by insurance companies often changes each year and could result in paying more on out of pocket healthcare expenses throughout the year. Here are some tips to help you get started.
If you decide to drop drug coverage, you can rejoin in the future. But, if you go 63 days or more in a row without other creditable prescription drug coverage:
Medicare can be complicated, but your advisor can help. He or she has assessment tools to help determine the right coverage if you are transitioning to Medicare or if you are updating current coverage. The choices are numerous and are driven by many factors including personal health, choice of doctors, financial considerations and even ZIP codes.