Most people who are enrolled in Medicare decide to keep their current plan each year. However, this may not always be the best decision. At the end of each year, it is important to review your Medicare coverage and look into other plans to see what they offer. Even if you are satisfied with your current plan, there may be other plans that are cheaper and have better coverage options.
Here’s why you need to review your Medicare coverage each year:
Changing Health Needs
It is important to review your Medicare coverage each year to make sure the plan you’re currently enrolled in covers your healthcare needs. And, as we all know, our health can change each year, so having coverage that stays up-to-date with our needs is crucial. If you have been diagnosed with a health condition, ensure you find out which plan covers your treatments and necessary prescriptions best.
Like how your healthcare needs may change, your coverage options may change each year. Your provider will send an Annual Notice of Change each year in September, informing you of any changes to your Medicare coverage. Changes could include cost, services covered, in-network providers, etc.
If you are enrolled in a prescription drug plan, the formulary may change, too. Some prescription medications may be dropped from the plan while new ones may be added.
All of these changes should be considered when reviewing your plan at the end of the year. If you are not comfortable with the changes, you can enroll in a different plan or choose another provider during the Annual Enrollment Period from October 15 to December 7.
You may also need to review your coverage each year if you find it hard to pay your premiums and other out-of-pocket costs. This will help you determine if the costs will be changing for the upcoming year, giving you time to also review other plans in your area to find the same coverage at a cheaper rate.
At Caring Insurance Solutions, we understand how important it is that you get the coverage you need at a price you can afford. That’s why we can help you compare your options and make sure you get what you need.
To learn more about reviewing your Medicare coverage or making changes during the Annual Enrollment Period, reach out to us today!