And no, I'm not referring to Oktoberfest (although Bailey was excited to try on her new lederhosen!)... I'm talking about Medicare Open Enrollment season!
For those of you who are on Medicare, you can make a change to your plan between October 15 through December 7, 2023. Any changes you make during this Open Enrollment period will go into effect on January 1, 2024.
You may be wondering, “Why should I bother changing my Medicare coverage? There’s nothing wrong with my plan.” That may be true, but plans, doctors, medications, and your health may change over time, so it’s always a good idea to review your coverage each year. The best option for you last year might not be the best option for you this year.
While it's a good idea for everyone to review their coverage each year, it's of particular importance if any of these situations apply to you:
- Your Medicare plan costs or health care costs have recently increased.
- You are paying for coverage that you’re not using.
- The services that your plan covers have changed.
- Your health situation, and the services that you need, have changed.
- Doctors, hospitals, and prescriptions you need are not covered under your current plan.
- You aren’t happy with the level or quality of service you receive from your plan provider.
- Your living situation is changing because you are moving or are expecting to travel more frequently in the future.
You have lots of options when it comes to choosing the right Medicare coverage. Don’t just pick a plan based on its premium; make sure to compare all of the costs you will face, including copays and out-of-pocket maximums, before you make a decision.
If you have specific health and care needs when it comes to doctors, specialists, and prescriptions, make sure the plan you choose provides you with access to your preferred health care providers and prescription drugs. You may need to compare networks and drug formularies and tiers to find what is right for you. You should consider whether you need additional service needs that aren’t covered by traditional Medicare plans, such as dental, hearing or vision expenses.
You can explore your options and find more information on Medicare.gov.