Medicare Updates: Your Medicare Open Enrolment Period is Approaching … Here’s What You Need to Do

1. Enroll in a Medicare Advantage plan
2. Switch from one Medicare Advantage plan to a different one
3. Sign up for a Medicare Prescription Drug Plan (PDP)
4. Go back to Original Medicare

It’s kind of hard to believe, but October is just around the corner. That means that this is the time to make your healthcare plan for 2022. Your Personal Benefits Manager is your best resource for healthcare planning, but in the meantime, here’s some critical info to get you started:

Make no mistake: Market volatility is about to get a whole lot worse. If we’re going to protect our retirement plans, we need to make sure that our assets are in the right place.

Do I Need to Do Anything During Medicare Open Enrollment?

This depends on your health and financial goals for the upcoming year. Switching to Medicare Advantage is a great way to make the whole Medicare experience a lot easier, while also adding coverage for critical things like vision and dental.

But, most Medicare Advantage plans restrict what doctors you can see. So they’re not for everyone.

Prescription Drug Plans are also available during this time. If your health needs have changed and you have new prescriptions, this could be a good opportunity to make them easier to afford.

Even if you’re happy with your current Medicare plan, it never hurts to check in on your coverage and make sure that you’re in the right plan.

Should I Switch to Medicare Advantage?

The biggest reason that people switch to Medicare Advantage (MA) during open enrollment is to add coverage for things that Medicare doesn’t include, like vision, dental, and prescription drugs. Another benefit of MA plans is that all of your coverage comes in a single plan, as opposed to having multiple Medicare and Medigap plans at once.

Medicare Advantage plans tend to be significantly less expensive than Medicare supplement plans, but they do leave you  exposed to up to $7,550 in out-of-pocket expenses, and even more if you see doctors outside your network. 

If you’re already enrolled in Medicare Advantage, the Open Enrollment period can be used to switch to a newer or better one. The Medicare MSA Plan is a good example. This is a newer form of Medicare Advantage that comes with a medical savings account, and a lot of our clients have been really happy with the overall savings.

If you’re interested in the Medicare MSA Plan, reach out to your Personal Benefits Manager. You can learn more on our Medicare MSA page.

Medicare Updates: What You Need to Know

1. You can now get a COVID-19 vaccine at home. If you would like to participate in the COVID-19 vaccination program, you can do so without leaving the house. Medicare members can get a free vaccine at home. Contact your healthcare provider to see if they offer this service. If they don’t, they will be able to refer you to someone who will.
2. Advanced medical technologies are now more readily available for Medicare recipients. A new ruling from the Center for Medicare and Medicaid services is reducing the lag time between the latest medical technologies and the required FDA approval. You can read more about the new ruling at CMS.gov.

Uplifting News: “Scrappy” 81-Year-Old Woman Wins Her 2nd Tough Mudder Race

Stereotypes be damned: Just because you’re on Medicare doesn’t mean that you can’t keep up with the best of them. In some truly inspiring news, 81-year-old Mildred Wilson just crossed the finish line of the Tough Mudder 5k for the second time.

For the uninitiated, the Tough Mudder race is considered one of the most difficult and popular endurance races in the country. Instead of competing against one another, contestants compete against themselves in a grueling combination of running, crawling, climbing, and obstacle-beating.

After getting the thumbs-up from her doctor, Mildred started training at her local YMCA. Congrats to Mildred, and any other Medicare beneficiary that is out there meeting life’s obstacles head-on.

Have Questions About Your Medicare?

As a client with MediGap Advisors, you have unique access to a personal Medicare expert in the form of your Personal Benefits Manager. If you’re looking to change things up with your Medicare, or if you simply want to learn more about your current coverage, reach out!

As always, our Medicare consultations are 100% free to you, and there’s never any obligation to buy. Our only goal is to make things easier for you.

To your health and wealth,

Wiley P. Long, III
President – MediGap Advisors