Medicare Open Enrollment is October 15th – December 7th. Here are a few things you might consider…
There are 3 types of Medigap Plans you might have: 1). Medicare Advantage Plan 2). Medicare Supplement Plan 3). Prescription Drug Plan
1). If you have a Medicare Advantage Plan, remember that your Prescription Drug Coverage is built into your plan. So if you’re taking medications, you might want to make sure that your medication is still in your plan’s formulary, and that the cost hasn’t gone up for the upcoming year. Tier levels can change which can cost significant additional out-of-pocket costs.
You might also want to double check your plan’s provider network as well as benefit structure for the upcoming year. Consult a knowledgeable, experienced Medicare Broker as they already have this information at their fingertips.
2). A Medicare Supplement can be changed anytime… in OR out of Open Enrollment. Consult your broker for additional considerations about changing this type of plan.
3). Each Prescription Drug Plan has it’s own formulary (list of covered drugs) and it’s own pricing structure. Both of these can change for the upcoming year. You may be taking a medication that is in your plan’s formulary this year, but is not in the formulary for the upcoming year. Or perhaps the price has gone up. Either of these scenarios can cause significant additional out-of-pocket costs.
So, you may want to check the drug formularies of various insurance companies to avoid any unpleasant surprises. Once again, an experienced Medicare Broker will have this information at their fingertips.
Neil Steinman is the principal of Orange County Health & Life Insurance in Orange County, CA – and has been serving the needs of California residents for nearly 20 years.