If you use healthcare benefits through Medicare, then October 15th is an important day to remember each year. Now that the Open Enrollment period has started, you have the opportunity to enroll or change your Medicare coverage if needed. Since there are only certain times of the year when these adjustments can be made, it’s essential for every qualified person to learn about their options before the enrollment period is over.
While the insurance industry commonly refers to this time as “open enrollment,” it’s important to note that Medicare calls it the “Annual Election Period.”
What is Medicare Open Enrollment?
Open enrollment happens at the end of each year – between October 15 and December 7. Throughout this time, you have the option to join a plan or make changes to your existing plan. These are some of the things you might choose for the duration of open enrollment:
- Switch between Original Medicare and a Medicare Advantage plan
- Change a Medicare Advantage Plan for different coverage
- Sign up or change your Part D prescription coverage
- Drop your Part D coverage
As a beneficiary of Medicare coverage, it’s your responsibility to ensure that you are on a Medicare-approved plan that covers your medical and prescription needs. Medicare services are available in different categories: Part A, Part B, Part C, and Part D. The best solution is to talk to an experienced insurance broker who can help you find the plan that best fits your needs.
Medicare Open Enrollment Checklist
Here are a few things that you should keep in mind throughout Medicare Open Enrollment:
- Compare Medicare plans and coverage
- Confirm eligibility for Medicare coverage
- Create a list of doctors to ensure your Medicare plan covers these providers
- Write out a list of prescription drugs you are using to find a plan that suits your needs
- Review current coverage to determine if it’s sufficient
- Evaluate secondary or supplemental insurance plans
- Calculate total out-of-pocket costs
Even though Medicare Open Enrollment is happening now, these changes will take place on January 1, 2021. It’s important that you take action right now so you are ready with the right benefits in the new year. If you are looking for resources, then talk to us at Windward Life Care for more information.