Medicare’s open enrollment period is well under way and now’s the time for you to take a long look at your coverage for the upcoming year. Many enrollees don’t take much time to examine the different plans that are available to them. Some say the process is confusing, others are content to keep their current plan without looking to see if any changes are in store for the next calendar year.
If you don’t take the opportunity to examine your current coverage and what changes are coming to the plan in the next year, you may wind up facing some serious consequences that you’ll be stuck with until open enrollment comes back around again.
You might have to find a new doctor
One of the things enrollees like most about Medicare Advantage plans is that they tend to offer more robust, diverse benefits. However, these plans do tend to funnel you into a preferred network of providers that may change.
If your preferred doctor is not in the network, and keeping them is important to you, things can get difficult. They may not accept your plan anymore, so be sure to check and find a plan that they do accept and make sure that it works for you.
Your copays for medication may increase
Medicare Part D plans all have what’s called a formulary. The formularies group medications into separate tiers that dictate how much you’ll spend for them. Each year, these formularies are adjusted and like your plan as a whole, they too can change.
If your Part D plan changes and you don’t pay attention, your medication can become much more expensive for the next year.
Your plan could cost more
While we’re in the Medicare open enrollment period, you can switch your Medicare Advantage plan or your Part D coverage. If you decide not to make a change, you could wind up spending more in premiums if your plan’s costs increase.
Making time to check your plan can save you money, you may even find a plan that costs less. No matter what your situation, be sure that you’re not spending a dollar more than you need to.
Take the time
The best-case scenario is that you do your research and find that your plan is the best fit for you for 2023 and you don’t need to make a change. Unfortunately, this is not a guarantee and it’s worth your time and effort to check your options. With the price of everything on the rise with inflation, you need to make sure that you find every bit of savings that’s out there waiting for you.
Open enrollment runs from October 15th through December 7th, so you’ve still got time to check your plan and be sure that you have the right coverage at the right price for 2023.
Our professionals can work with you to see what you may be missing out on. Click here and take our quick (and FREE) benefit finder quiz or give us a call at 855-515-5087 to discuss your options today.