October’s arrival brings with it the annual enrollment period for Medicare, beginning October 15th and ending on December 7th. Medicare enrollment is important, as it’s the time for beneficiaries over age 65 to not only review current plans and consider changes, but also make adjustments to prescription drug coverage for the following year. While the choices you make won’t take immediate effect, they will apply upon the beginning of the new year ahead.
So, what are the most important things to know regarding Medicare enrollment? Here are a few key things to remember.
Medicare vs. Medicare Advantage
Among the many things beneficiaries can do during the Medicare enrollment process is choose or switch between original Medicare or a Medicare Advantage plan. These decisions often center around drug coverage, as one plan might offer specific drug coverages that the other does not. Beneficiaries can also sign up for Medicare Part D prescription drug coverage, drop the Part D coverage, or switch Part D plans.
Compare the Costs
Without a doubt, it’s critical to look past simple premium costs to consider the total costs of your care. Though one Medicare Advantage plan may have a higher premium with lower deductibles, copays, and net costs, others may have a lower premium and could make more sense if a beneficiary is relatively healthy. Additionally, it is possible to make cost comparisons between original Medicare and Medicare Advantage plans, even though they will differ in many ways. Considering a Medicare Supplemental Insurance policy can help fill potential gaps in the traditional Medicare coverage.
Consider Your Health
A beneficiary’s health should be a key consideration in the Medicare enrollment process—especially if there’s been any recent changes in health. With special consideration of prescription drug costs, open enrollment is a good time to adjust to a plan that covers health needs in the best possible way.
Don’t Let Medicare Enrollment Be Complicated
The goal of Medicare is to provide reputable healthcare for older Americans, so it’s important that you know and understand your options. The Dobyns Wealth Team is here to help you make the Medicare enrollment process less complicated and to guide you toward the healthcare protection you need for the coming year. Contact us today if you have specific questions or to schedule a consultation to discuss.
