If you are enrolled in Medicare — the federal health insurance program for people 65 and older and some people with disabilities — you will soon have the opportunity to make changes to your health and prescription drug coverage.
Medicare’s Fall Open Enrollment begins today, October 15 and lasts through Friday, December 7. It can be confusing, so here’s what you need to know:
During Fall Open Enrollment, you will be able to join a new Medicare Advantage plan (from a private company; instead of using Original Medicare) or a standalone prescription drug plan (a Medicare Part D plan). You can also switch between Original Medicare (with or without a Part D plan) and Medicare Advantage. Any changes you make during Fall Open Enrollment will take effect on January 1, 2019.
Before making any decisions, review your current Medicare coverage, even if you are satisfied with the coverage you have. The costs, benefits and restrictions of Medicare Advantage plans and standalone Part D drug plans can change from year to year; so can your health care needs.
Start by reading the 2019 Medicare & You handbook, which is available online. This booklet contains information about Medicare costs and benefits in the upcoming year.
If you have a Medicare Advantage plan or a Part D plan, review the Annual Notice of Change and/or an Evidence of Coverage.
You should have received the Notice of Change in the mail, or will soon. Medicare Advantage and Part D plans used to be required to mail beneficiaries Evidence of Coverage documents, but that ended in 2018; now, they just need to publish them on their websites by Oct. 15 and mail them to beneficiaries who request paper copies.
These notices contain information about changes to your plan’s costs, benefits and rules in the coming year. You’ll want to see if your current coverage will still meet your needs in 2019.
Medicare Enrollment Tips
Here are a few things to keep in mind when it comes to Medicare’s Open Enrollment:
- In most cases, Fall Open Enrollment is the only time you can pick a new Medicare Advantage or Part D plan.
- If you have Medicare Advantage, you can also switch to Original Medicare. To get drug coverage, you should also join a Part D plan.
- Depending on where you live, you may be able to buy a Medigap policy, which helps pay Original Medicare costs. Limitations apply as to who can buy a Medigap and when.
Medicare Part D (Drugs & Prescriptions)
Review your current Medicare Part D coverage with an experienced health insurance agent. If you are dissatisfied with your coverage for next year, make changes during Fall Open Enrollment.
- If you have Original Medicare, take a look at next year’s Medicare & You handbook to know your Medicare costs and benefits for the upcoming year.
- If you have a Medicare Advantage Plan or a Part D plan, you should receive an Annual Notice of Change (ANOC) and/or Evidence of Coverage (EOC) from your plan. Review these notices for any changes in the plan’s costs, benefits, and/or rules for the upcoming year.
- Even if you are satisfied with your current Medicare coverage, look at other Medicare options in your area that may better suit your individual needs in the upcoming year. For example, check to see if there is another plan in your area that will offer you better health and/or drug coverage at a more affordable price. Research shows that people with Part D could lower their costs by shopping among plans each year.
- There could be another Part D plan in your area that covers the drugs you take with fewer restrictions and/or lower prices.
We Can Help
Contact our offices to have a conversation with one of our experienced health insurance agents. We can help to answer any questions that you have about your Medicare coverage.
