It’s that time of year again to take a look at your Medicare coverage or the Medicare coverage for a loved one. The Annual Election Period starts on October 15th and ends on December 7th. This is the time when you can make a change in your Medicare Prescription Drug Plan (Part D) or Medicare Advantage Plan (Part C).
What to look for? You were mailed your Annual Notice of Change in September. This document tells about the changes in your plan for the next year. Many don’t take the time to read through this document and many face some changes that they weren’t expecting.
Part D: Prescription Drug plans: Costs of the plan as well as deductibles are subject to change every year. Also take note of any formulary changes. Some of your medications may be covered differently or not covered at all.
According to the Kaiser Foundation, from 2006-2010 only 12.9% of those covered by a stand alone Part D plan made a change to their plan.
Part C: Medicare Advantage plans: only 12.1% made a change in their coverage in 2019. Some MA plans have limited network choices and provider networks are subject to change each year as well.
The Kaiser Family Foundation also sourced that in 2019 there were 64 million Medicare beneficiaries. Those covered by Medicare Advantage made up 34% vs Original Medicare.
Medicare Advantage plans can offer more coverage than Original Medicare and many can include your prescription coverage, eye care, dental care, and fitness memberships.
We help our clients understand their Medicare options and how they align with their financial and health goals. The decision they make could end up saving them hundreds if not thousands of dollars per year.
For more information regarding your Medicare coverage options, give us a call and we can help you make sense of your coverage.
Feel free to contact us to see how we can be your own personal CFO.