‘Tis that time of year once again, and while Christmas decorations may outshine Halloween in stores, it’s not yet the holiday season. However, if you’re 65 or older, it’s now the shopping season! Medicare Open Enrollment is upon us, running from Oct. 15 to Dec. 7, 2024.
Now is your chance to review your current coverage and explore better options that cater to your health needs. Here are 14 tips to ensure you get the best coverage and care during the Medicare Open Enrollment Period:
Know the Open Enrollment Rules
During this period, you can switch from Original Medicare to a private Medicare Advantage plan, move back to Original Medicare, change your prescription drug plan, and opt for a different Medicare Advantage plan.
Stay Informed About Your Existing Plan
Medicare plans can change, and it’s crucial to know how this impacts your current coverage. Review the “Plan Annual Notice of Change” (ANOC) or contact your insurer if you missed it.
Check Your Preferred Doctors’ Acceptance
Ensure your doctors will be accepting your chosen plans in 2025, as changes may affect your providers. Be proactive and ensure your preferred network aligns with your health needs.
Assess the Suitability of Your Plan
Evaluate if your current Medicare plan aligns with your health requirements and prescription medications. Ensure your plan covers any recent health changes.
Understand New Drug Plan Options
Prescription drug costs now have an annual cap, providing flexibility for payment. Carefully analyze any changes in your drug coverage and its impact on other benefits in your plan.
Compare Existing Plan to Alternatives
Even if your current plan suits you, explore cost-effective alternatives. Look into different plans with the help of State Health Insurance Assistance Programs or use Medicare tools for plan comparison.
Beware of Medicare Scams
Be cautious of unsolicited Medicare service offers and advertisements. Protect your personal information and verify the credibility of any Medicare-related communication.
Check Plan Ratings
Research and compare the quality and performance ratings of potential plans. Platforms like Medicare.gov and U.S. News and World Report offer insights into plan ratings.
Reduce Prescription Costs
Discuss cost-saving options with your doctor for prescriptions. Compare prices across pharmacies to save money and consider 90-day supplies for further savings.
Utilize Health Savings Account
Maximize the benefits of an HSA if you’re eligible. An HSA provides tax advantages and helps cover qualified healthcare expenses, making it a useful savings tool.
Prioritize Preventive Health Measures
Stay ahead of health issues through Medicare’s preventive screenings and immunizations. Proactive care can reduce healthcare costs in retirement.
Include Medical Costs in Retirement Financial Plan
Factor in out-of-pocket medical expenses in your overall retirement financial planning. Tools like the Boldin Retirement Planner can assist in calculating healthcare costs.
Seek Expert Advice
Obtain guidance from a fee-only CERTIFIED FINANCIAL PLANNER™ to navigate your Medicare decisions. Consider booking a consultation or attending informative classes to understand your coverage better.
Learn About Disenrollment Period
Be aware of the disenrollment period from January 1 to March 31, 2025. This period allows you to switch Medicare Advantage plans or return to Original Medicare if needed.
The Medicare Open Enrollment Period is a valuable opportunity to assess your healthcare coverage and make informed choices. By following these tips, you can ensure you get the best care and coverage tailored to your health needs. Make the most of this season of shopping for Medicare plans to secure your health for the future.
