Medicare Advantage Plans

Starting At $0/ Month

Just give us a little information,
and find out if you have $0 Premium Plans in your area.

Reviewing Your Medicare Coverage Before Annual Enrollment

With Annual Enrollment just around the corner, seniors everywhere are reviewing their Medicare plans to see if they need to make changes to their healthcare coverage. If you’re new to Medicare, you may be wondering where to start, and how to make sure you are enrolled in the right plan to fit your needs and your budget.

While there are many things to learn as a new Medicare recipient, here’s some help reviewing your coverage before Annual Enrollment.

With Original Medicare, Review Costs and Benefits for Next Year 

As a recipient of Original Medicare (Part A and Part B), you should take the time to look over next year’s costs and benefits to see if Original Medicare will still work for you. Review your Annual Notice of Change, which should arrive by mail in October.

If you are not happy with what you see, Annual Enrollment (October 15-December 7) is the time to make changes. Remember, any changes you make during Annual Enrollment will take effect on January 1 of next year.

Remember to Check You Prescription Drug Formulary 

If prescription medication is a significant part of your medical care, be sure to check the formulary for next year to make sure your needs will still be met. Many times, the formulary (list of covered drugs) changes from year to year.

You need to know if your drug is no longer available or will change tiers and become more expensive. This applies to Medicare Part D, as well as prescription drug coverage you may have with a Medicare Advantage plan.

With a Medicare Advantage Plan, Don’t Forget to Review Changes in Networks 

Many times, benefits and costs stay the same with Medicare Advantage, but networks change from year to year. Be sure to confirm that your doctor is still part of your plan’s care network and that any hospitals you use are still available under the plan.

Of course, it’s smart to review a few new plans in your area to see if the same coverage is available at a lower cost to you. If your Medicare Advantage plan includes prescription drug coverage, don’t forget to look over next year’s formulary for changes to drugs, dosage amounts, and pharmacy availability.

Annual Enrollment Does Not Apply to Medicare Supplement Insurance 

If you have Medicare Supplement insurance (a Medigap policy), Annual Enrollment does not apply. Any changes you wish to make to your Medicare Supplement insurance plan are best made during your unique Medicare Supplement Open Enrollment period.

Medicare Supplement Open Enrollment is not Annual Enrollment.

Medicare Supplement insurance Open Enrollment begins the first month you turn 65 and enroll in Part B. During this six-month period of time, you have a guaranteed issue right, meaning no insurance company can turn you down or charge you more for a Medicare Supplement Insurance Plan.

After your Medicare Supplement insurance Open Enrollment period ends, insurance companies may refuse to sell you a policy and can charge you more for the same policy. If you have a pre-existing health condition, make changes to your policy during your Medicare Supplement Open Enrollment, as you may not be able to get a plan after it ends.

Luckily, if you miss your enrollment period for Medicare Supplement insurance, there are a few exceptions and you may have a guaranteed issue right in some situations. If, for instance, you move out of your plan’s service area or you have Original Medicare and your employer coverage is ending, you will likely have a guaranteed issue right to buy a new policy. 

The good news is, if you are happy with your current Medicare coverage, whether it’s a Part D plan, Original Medicare, or Medicare Advantage plan, you usually are not required to do anything at all. But, it’s always a good idea to take a look, and avoid being surprised on January 1.

 

 

 

Resources: 

https://www.medicare.gov/supplement-other-insurance/when-can-i-buy-medigap/when-can-i-buy-medigap.html#collapse-2283 

https://www.cms.gov/Outreach-and-Education/Reach-Out/Find-tools-to-help-you-help-others/Medicare-Open-Enrollment.html 

https://www.medicare.gov/sign-up-change-plans/when-can-i-join-a-health-or-drug-plan/when-can-i-join-a-health-or-drug-plan.html#collapse-3190

 

MUC67-2017-BCBS

Leave a Reply

Your email address will not be published. Required fields are marked *

Testimonial Doug really made me feel at ease with my decision to keep my doctors. Thank you for making this an easy transition. Arthur Brown, Albuquerque
Testimonial Marc was so patient in explaining the benefits to me. After he left I felt as if I understood my benefits better than I ever had in the past. Thank you for having him come out to my house to meet with me. Cecilia Garcia, Albuquerque
Testimonial Beverly, Bless your heart for helping me during this transition. I was scared and confused and didn’t know who to turn to. After coming to speak with you I felt at ease. I am glad that I am all taken care of and don’t have to worry about losing my doctor. Teresa Duran, Albuquerque

Latest News

Read all the news

Understanding Medicare Enrollment Periods

If you’re looking to secure a Medicare-approved healthcare plan in New Mexico, do you know when you are eligible to…
Read more

Medicare Part A and B Explained

Like most seniors, there’s a good chance you’ve heard of Medicare – you may even know that it’s a federally…
Read more

Why Choose Consumers Direct Insurance Services of New Mexico?

Looking for a unique and genuine insurance experience? We’re here to help! We know that dealing with insurance isn’t always…
Read more

When Can I Enroll In a Medicare Advantage Plan?

Now that you’ve decided to join Medicare Advantage (Part C) as a way to receive your Medicare benefits, you may…
Read more

Reviewing Your Medicare Coverage Before Annual Enrollment

With Annual Enrollment just around the corner, seniors everywhere are reviewing their Medicare plans to see if they need to…
Read more