Once a year, people have an opportunity to change their Medicare coverage. This only happens during Medicare open enrollment. It is important to review your health insurance policy every autumn as there are changes each year. Types of plans can change annually, giving you new options and removing old ones. Your previous plan benefits may have changed so this is the perfect time to make sure you keep your medical health compensation up to date.
Medicare open enrollment begins October 15 until December 7. Changes to your health insurance take effect on January 1. Before October rolls around, it is a good idea to start reviewing your options. Your insurance company will send you information about current options and also what your plan currently covers.
Some Changes You Can Make with Your Medicare Coverage:
- Revert between Original Medicare and Medicare Advantage Plan
- Enroll in Medicare Part D (Prescription Drug Coverage)
- Change Medicare Part D plan for another plan
- Remove Medicare Part D
- Enroll in optional benefits
In case you miss the open enrollment period, you can no longer make changes to your Medicare coverage until the following year. However, there are certain conditions that may allow you to make changes to your medical health compensation outside of Medicare’s open enrollment period. If you move outside the service area of your Medicare Advantage plan, you would be permitted to make amendments to your health insurance.
Tips for Open Enrollment
1. Compare your current health insurance coverage with new plans. Contrast premiums, deductibles, copays and coinsurance amounts and prescription drugs in your formulary.
2. Compare your benefits now and next year if you retain your current coverage. Check to see if your cost sharing will increase and if your drugs will still be covered by your plan. It is also important to check if your doctor and hospital will still be in the network if you are covered by a Medicare Advantage Plan.
3. Check out other Medicare coverage options offered in your area. This may give you better options in premium, coverage, provider networks and quality scores
Use these tips to make sure that you are getting the best options your medical health compensation. Health insurance changes yearly as laws are created to make the quality of life easier. If you have questions regarding Medicare enrollment, let Blue Sky Coverage help you find a policy that offers you the best coverage. Call us today to get free health insurance quotes.