Medicare annual enrollment period occurs between October 15 and December 7 each year, providing a crucial opportunity to modify your Medicare coverage for the upcoming plan year, starting January 1, 2024.
Commencing your research well in advance is key to making an informed decision regarding your future care. Making the wrong choice can lead to unnecessary additional expenses, but there are ways to avoid this situation. To prepare for this year’s Medicare open enrollment period, utilize this checklist to reevaluate your needs, assess your current plan, and decide whether switching to a new health or drug plan for 2024 is beneficial.
Reassess Your Health Situation: Your health can change significantly within a year. While your plan might have been ideal initially, it may not suit your needs now if you’ve changed doctors, require different benefits, or have started new prescription medications.
Review Your Plan: For those with a Medicare Advantage plan, remember that while it must offer the standard benefits of original Medicare, the additional benefits can vary annually. Your plan is obligated to send you an Annual Notice of Change letter (ANOC) before October, detailing alterations in costs and coverage for 2023.
Reflect on the Past Year: Even if your plan’s benefits remain unchanged, upon reflection, you might find that another plan suits you better. For instance, if you opted for a pricier Medicare Advantage plan for unexpected medical issues but face tighter finances now, your preferences may have shifted. Likewise, if frequent doctor visits strain your budget due to copays, switching to a Medicare Advantage plan with an out-of-pocket maximum might be wise.
Additionally, consider adding a Medicare supplement (Medigap) plan to cover Part A and B out-of-pocket expenses. If prescription drug costs are a burden, you might qualify for Medicare’s Extra Help program, easing the financial strain.
Anticipate Future Needs: Think about potential lifestyle changes affecting your healthcare requirements in the next year. If international travel is on the horizon, explore Medigap plans that cover emergency medical costs abroad. Conversely, if you don’t anticipate much travel, Medicare Advantage plans might offer more affordable options by limiting your service area, unlike original Medicare, usable nationwide.
Seek Assistance: Navigating Medicare’s complexities can be daunting. Don’t hesitate to ask for help. Brady Insurance Marketing can help you answer any Medicare-related queries without any charge.
Being well-informed and seeking assistance ensures you make the right choices during the Medicare open enrollment period, safeguarding your healthcare needs and financial stability.
Need help? Call Brady Insurance Marketing: 801-347-2087. Our assistance is at no cost to you