Check if You are Among the 67 Million Americans Qualified for Medicare. The Importance of Examining Your Benefits Prior to It's Too Late.
When you enroll in Medicare, you have the liberty to tailor your coverage to an extent by selecting your preferred Part D drug plan. Moreover, you might choose to enroll in a Medicare Advantage plan, replacing original Medicare. Generally, this Medicare Advantage plan provides coverage for prescriptions.
It's tempting to consider your chosen Medicare plan as a set-and-forget scenario. However, failing to review your coverage options annually could lead to regrets.
Take advantage of the annual review opportunity
Every year, Medicare conducts an open enrollment period during the fall, commencing on October 15 and concluding on December 7. This open enrollment might erroneously be perceived as a time for new Medicare eligibles to sign up, but it's not. Instead, it allows you to modify your existing Medicare coverage.
During the fall open enrollment, you can:
- Switch from one Part D drug plan to another
- Opt for a different Medicare Advantage plan
- Enroll in Medicare Advantage instead of original Medicare
- Revert to original Medicare by discarding Medicare Advantage
It's advantageous to examine your plan options during open enrollment for several reasons. Initially, your current Medicare plan might undergo unfavorable changes.
Your drug plan may relocate your utilized medications to a higher tier, escalating your copayments. Or your Medicare Advantage plan may hike up your premiums or eliminate some of the supplemental benefits you've been paying for. In either situation, transitioning to a new plan could be beneficial.
Secondly, your health requirements may have evolved over the past year. Perhaps you're no longer taking some of the medications you were 12 months ago. Maybe your prescription list has expanded. Or perhaps you've been diagnosed with a new condition and need to ensure you're well-equipped to manage it. These circumstances warrant reconsidering your Medicare coverage for 2025 as well.
Commence your research promptly
Currently, you have approximately one more month to capitalize on Medicare's fall open enrollment period. Therefore, waste no time. The process of analyzing your plan options may take some time, so initiating the review earlier allows you to approach it more systematically and calmly.
After all, you may ultimately decide to retain your existing Medicare coverage following your exploration. Nevertheless, securing the right information is crucial to ensure you don't miss out on the chance to reduce your healthcare expenses or secure superior coverage.
And don't forget, Medicare can assist you in finding plans available in your area. Simply input some personal data into its Plan Finder tool, and you'll be offered numerous options based on your ZIP code. From there, you can evaluate each plan's rating and costs to determine the best fit for you.
During the annual open enrollment period, you might consider reviewing your Part D drug plan to ensure your medications aren't placed in a higher tier, leading to increased copayments. Additionally, assessing your retirement savings and potential income during this period can help you determine if adjustments to your retirement finance strategy are necessary to maintain your desired standard of living in retirement.
