Medicare Open Enrollment
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Medicare
Open Enrollment
Runs through December 7th
By: Wendy Stenberg, Advisor
Healthcare needs are an important part of any financial plan. Choosing a plan that best suits your health, lifestyle and budget can have a significant impact on your near-term and long-term health and financial well-being.
Is it time for a Medicare coverage checkup?
With multiple options available, choosing the best plan can be difficult and daunting. If you ever ask yourself if you are in the right plan or getting the coverage that best suits your health and lifestyle, you may want to have a professional evaluate your current coverage. At Gilbert and Cook, we partner with local Medicare specialists who will meet with you in person to review your existing coverage and either make recommendations for changes or confirm you’re in the most appropriate plan.
The annual Medicare Open Enrollment Period is the time when people with Medicare can review their current coverage and make changes to their Medicare Advantage (Part C) or Medicare prescription drug coverage (Part D) plans. Medicare Open Enrollment runs from October 15 to December 7 each year. During this time, you can:
Switch from one Medicare Advantage plan to another
Switch from Medicare Advantage to Original Medicare
Join a Medicare Advantage plan for the first time
Switch from one Medicare Part D plan to another
Join a Medicare Part D plan for the first time
Additional resources that can be helpful are the official Medicare website, and the State Health Insurance Assistance Programs (SHIPs) website.
What to Consider When Choosing a Medicare Advantage or Supplemental Plan
There are several factors to consider when choosing a Medicare Advantage or supplemental plan, such as:
Your budget: Medicare Advantage and supplemental plan premiums can vary significantly, so it's important to find a plan that fits your budget.
Your health needs: If you have certain health conditions, you may want to choose a plan that covers those conditions.
Your preferences: Some plans offer additional benefits, such as coverage for foreign travel or preventive care.
Additional Considerations for Medicare Advantage Plans
Network of providers: Many Medicare Advantage plans have a network of providers, which can help you save money on your care. Consider whether your preferred doctors and hospitals are in the plan's network.
Prior authorization: Some Medicare Advantage plans require prior authorization for certain services, which means that you may need to get approval from your plan before you can get certain services.
Additional Considerations for Medicare Supplement Plans
Standardized plans: Medicare Supplement plans are standardized, which means that they must offer the same basic benefits, regardless of which insurance company you buy them from. This makes it easier to compare plans and find the one that's right for you.
Guaranteed issue rights: You have certain guaranteed issue rights when you buy a Medicare Supplement plan. This means that you cannot be denied coverage or charged a higher premium based on your health status.
How to Compare Medicare Advantage and Supplemental Plans
In addition to having an in-person appointment with a local Medicare specialist you can compare Medicare Advantage and supplemental plans online or by calling your State Health Insurance Assistance Program (SHIP). You can also use the Medicare Plan Finder tool on Medicare.gov to compare plans.
Please reach out to your Gilbert and Cook Advisor for more information.
