The right Medicare plan could save you hundreds or even thousands of dollars each year. As such, it is always wise to reevaluate your coverage during Medicare’s Annual Enrollment Period. This period typically takes place from October 15th to December 7th. During this time, all Medicare enrollees have the opportunity to make changes to their coverage. To help you identify your own best path forward, we’ve compiled a list of the 5 most common reasons to consider switching Medicare plans during the Annual Enrollment Period.
You have new health needs.
If you now need dental, hearing, or vision coverage, and don’t have it on your current plan, this is your opportunity to find a Medicare Advantage plan that does include these benefits. Similarly, if you are planning to undergo a surgical procedure in the upcoming year and want additional coverage through a Medicare Supplement (also known as Medigap) plan, you can apply during this time. However, you will likely be subject to medical underwriting for this type of coverage.
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If you’re considering enrolling in a Medigap plan, but aren’t sure which plan type best fits your needs, you can learn more and see a side-by-side comparison of the features offered under each policy type in the article below.
Your prescriptions have changed in any way.
If you’re on any new prescriptions, or if you switched from brand name to generic, changing Medicare plans might be in your best interests. If you are taking a new drug that is not covered in your current plan’s formulary, you’ll want to identify a new plan that covers all of your current prescriptions. Additionally, drug costs can and often do change from year to year. For this reason, it’s always smart to double check that your plan still works with your drugs.
You can learn more about how drug costs are covered under Medicare Part D plans in the following episode of our Medicare Minutes video series:
Tip: You can use Renew’s Medicare Shopping Platform to compare the prices of your drugs under the various plans offered in your area.
You don’t need a particular benefit any more.
You may be able to find a cheaper plan without it! Our licensed Medicare agents would be happy to help you explore your options.
Your plan is no longer the most affordable option.
If your premium has gone up, or you can get similar coverage for a lower premium on another plan, this would be the time to make a move. For example, if you can’t afford or don’t want to pay a high deductible. Many plans offer a low or $0 deductible in exchange for a higher premium.
Your current plan has changed or removed some of its benefits.
Just because a certain benefit was covered under your plan when you first enrolled doesn’t mean it will cover it forever. Your plan is required to send you an Annual Notice of Change each year. Make sure to review this document thoroughly when you receive it to ensure your specific health needs are still addressed.
Ready to take the next step?
If you’re ready to explore plans offered in your area, our licensed Medicare agents would be happy to help.