Medicare Annual Enrollment Is Coming: 5 Things to Review Before October 15
Medicare Annual Enrollment is right around the corner, and now is the perfect time to start preparing.
Each year, Medicare plans can make changes to their costs, benefits, prescription drug coverage, provider networks and more. At the same time, your own healthcare needs may have changed. That is why reviewing your Medicare coverage every year is so important—even if you have been happy with your current plan.
The Medicare Open Enrollment Period runs from October 15 through December 7 each year. During this time, people with Medicare have an opportunity to review their coverage and make certain changes for the upcoming year. Changes made during this period generally take effect January 1.
Before October 15 arrives, here are five important things to review.
Review Your Prescription Medications
Start by making an updated list of every prescription medication you currently take.
Include:
Medication name
Dosage
How often you take it
Whether you prefer a brand-name or generic medication
Your preferred pharmacy
Prescription drug formularies can change from one year to the next. A medication that was covered this year may have different copays, restrictions or coverage next year.
Having an accurate medication list makes it much easier to compare your current coverage with other available options.
Check Your Doctors and Healthcare Providers
Do you have doctors or specialists you want to continue seeing?
Make a list of your:
Primary care physician
Specialists
Preferred hospitals
Clinics
Other healthcare providers you regularly visit
Provider networks can change. A doctor who participates with your plan today may not necessarily participate the following year.
Before choosing or keeping a Medicare Advantage plan, it is important to verify that the doctors and healthcare facilities that matter most to you are still included in the plan's network.
Review Your Preferred Pharmacy
Where you fill your prescriptions can make a difference.
Some Medicare drug plans have preferred pharmacy networks that may offer lower costs than other participating pharmacies. Your preferred pharmacy's relationship with your plan can also change from year to year.
Think about where you prefer to receive your medications, whether that is:
A local neighborhood pharmacy
A large retail pharmacy
A grocery store pharmacy
Mail-order delivery
When comparing plans, don't just check whether your prescriptions are covered. Look at what those prescriptions may cost at the pharmacy you actually use.
Look Beyond the Monthly Premium
A low monthly premium can sound attractive, but your premium is only one piece of your total healthcare costs.
Take time to review:
Monthly premiums
Doctor visit copays
Specialist copays
Prescription costs
Deductibles
Hospital costs
Urgent care and emergency room costs
Maximum out-of-pocket limits, when applicable
A plan with a lower premium is not automatically the least expensive option for you.
Consider how often you visit doctors, which prescriptions you take and the healthcare services you are most likely to use. Looking at the complete picture can help you better understand what a plan could cost throughout the year.
Review Your Plan Benefits and Changes
Don't assume your current plan will remain exactly the same next year.
Pay close attention to information your plan sends you regarding upcoming changes. Medicare recommends reviewing notices from your current plan about changes to benefits and costs for the following year before Open Enrollment begins.
Depending on your plan, you may want to review benefits related to:
Dental
Vision
Hearing
Prescription drugs
Preventive services
Transportation
Fitness programs
Over-the-counter benefits
Other supplemental benefits
Focus on the benefits you actually use rather than choosing a plan simply because it has the longest list of extras.
Don't Wait Until October 15 to Get Organized
October 15 is when Medicare Open Enrollment begins, but you do not have to wait until then to prepare.
Gathering your medication list, doctors, pharmacies, insurance information and questions ahead of time can make your annual Medicare review much easier.
Your healthcare needs can change. Your medications can change. Your budget can change. And Medicare plans can change, too.
That is why an annual review is so valuable.
Let MRW Solutions Group Help You Prepare
Medicare doesn't have to feel overwhelming.
At MRW Solutions Group, we help clients review their current Medicare coverage, understand upcoming changes and compare available options based on their individual healthcare needs.
Before Annual Enrollment begins, take a little time to get organized and schedule your annual Medicare review.
The goal isn't simply to have Medicare coverage—it's to understand your coverage and make an informed decision for the year ahead.
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