Eric Tomasso
Keep reading to find out more and see how this period can help you improve your healthcare coverage.
If there ever was a year that made you think more about your health, it’s 2020. And even if you were lucky enough to stay completely healthy so far, it’s still a good idea to ensure your healthcare coverage is up to snuff.
That’s what Medicare Open Enrollment Period (OEP) is for, as it lets you look at the coverage you have, see if it meets your needs, and make any changes before 2021 is ushered in.
To help you understand this special period even more, here are the basics of open enrollment.
What Is Medicare Open Enrollment?
Each year, the government holds Medicare Open Enrollment to give people the chance to optimize their health insurance for the coming year. The period started on October 15, and it will continue until December 7.
If you’re a current Medicare user, you have several options with open enrollment in full swing. You can take a look at your Medicare Advantage, Medicare Part C, and Medicare Part D plans and compare them to other options on the market. If you see that there are other plans that better fit your needs, you can drop, switch, or add an Advantage or Part D plan to optimize your coverage.
2023
Tax Forgiveness
We know how challenging it can be to pay off your tax debt.
The IRS just announced the 2023 Fresh Start Program, to qualify more people for tax relief!
To give you a better idea of what you can do during the OEP, here are some of the moves you can make:
- Drop or add a Medicare Part D drug plan (If you have or are signing up for Medicare Parts A or B).
- Switch to a Medicare Advantage plan (If you have Original Medicare Parts A and B).
- Switch back to Original Medicare Parts A and B (If you have Medicare Advantage and want to drop it).
- Switch to a different Medicare Advantage plan (If you don’t like your current Advantage plan).
- Switch to a new Medicare Part D drug plan (If you don’t like your current Part D plan).
Using Open Enrollment to Reevaluate Your Current Coverage
Before you make any of those moves listed above, you’ll need to reevaluate the healthcare coverage you currently have. This is a crucial step during the OEP since insurance companies can make significant changes to Medicare plans that affect services, convenience, and costs.
How can a Medicare plan change each year? Your out-of-pocket costs may go up. You could have to pay more for prescriptions or see differences in plan formularies that affect which drugs are covered. Premiums and deductibles could change. Networks, in terms of providers and pharmacies, could also be tweaked.
Where can you see those changes? In your Annual Notice of Change, which should have come in the mail by now. By reevaluating your coverage and checking out your ANOC, you can cut out-of-pocket costs and make sure you get the drugs you need.
You can keep your doctor in-network, so you don’t have to visit someone else. You can also enroll in a plan that has a higher star rating and offers more bang for your buck.
Julia Anderson