The Modern Medicare Agency Blog
See practical tips on when it makes sense to make a switch in Medicare coverage.
As we continue to live with COVID, you especially need to know that you're Medicare health insurance has you covered with the right doctors, medical facilities, and prescriptions. "If you're not satisfied with your current plan or your health or financial situation changed, it may be time to take another look at your options," Say’s Paul Barrett, owner of The Modern Medicare Agency. "You may be paying a lot for coverage you don't need, or your health situation may now require the attention of medical specialists who are currently out of your network. Either way, it's time to investigate other options."
The good news for individuals enrolled in Medicare: If you're not satisfied with your current Medicare coverage, you can make changes during the Medicare Annual Enrollment Period (AEP), which runs every year from October 15 to December 7.
Generally, there are 5 reasons why you might consider making changes to Medicare coverage:
Did your health insurance company make changes to your existing Medicare coverage?When it comes to Medicare plans, and health insurance in general, change happens. These modifications are usually made by the health insurance companies that sell Medicare Supplement, PDP, and MA plans. It's up to you to determine if these changes help or hinder your health care needs.
Every September, health insurance companies that sell Medicare coverage mail out an Annual Notice of Change (ANOC) letter to inform you of changes that are taking place with your current coverage for the upcoming year. These differences can be cost changes to prescription drugs, increased or decreased types of coverage, or expanding or shrinking the network area of doctors and medical facilities. "If your coverage becomes more limited or more expensive, that's the catalyst for you to research all your options and consider making modifications to your Medicare plan," Barrett.
Common reasons you might want to switch your Medicare coverageIf you have...
You might want to...
Original Medicare with separate Medicare Part D prescription drug plan (PDP) coverage
Medicare Advantage (MA)
Medicare Supplement (Medigap) Plans
Medicare Part D prescription drug plans (PDPs)
Helpful Medicare enrollment remindersAs you think about possible changes to your coverage for the upcoming year during AEP, keep in mind:
If you have Medicare Advantage, or Original Medicare (with optional Medicare Supplement and/or PDP prescription drug coverage), that isn't providing the level of coverage you need at a cost that's affordable, AEP is your chance to course correct.
Yearly Medicare decisions may not be a fun topic, but the right choice can make all the difference. Don’t procrastinate, read your Annual notice of change letter from your carrier and go over your current needs. It's a good idea to get your list of providers together along with any part D prescription you take regularly you will need this information to properly compare plan options. If you are overwhelmed and need help, seek out an independent agent or broker, who works with all major carriers. They will be able to help you sort things out unbiasedly.
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