Medicare Annual Enrollment 2021 is here. For the next few weeks, Medicare enrollees have the opportunity to make changes to their Medicare plan. Most notably, this is the time of year when it’s possible to switch to Medicare Advantage, a low-cost, privately operated Medicare Plan with a long list of benefits.
When Can I Join Medicare Advantage?
Every year, Medicare enrollees can switch to Medicare Advantage during the Medicare Annual Enrollment Period 2021. This begins on October 15th and ends on December 7th, with coverage changes going into effect on Jan 1, 2022.
If you already know that you need to make changes to your Medicare, schedule a no-charge consultation with a Personal Benefits Manager ASAP. Most insurance professionals are busy during this time of year, and their calendars are likely to fill up.
Top Reasons to Switch to Medicare Advantage During Open Enrollment:
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1.) You Still Need to Fill the Coverage Gaps in Your Original Medicare
On its own, Medicare can leave people exposed to significant out-of-pocket costs. Even a Medicare Supplement Plan has its coverage limitations.
Medicare Advantage plans can include coverage for all your healthcare needs, including vision, dental, and more.
2.) You Need to Lower Your Monthly Premiums (And Can Handle a Higher Deductible)
Because they’re offered by private insurance companies, Medicare Advantage plans often have lower monthly premiums than other options. In fact, there are a number of good MA plans that have a deductible as low as $0 / month.
The flip side of this is that a low-premium plan is going to have a higher out-of-pocket risk. Between copays, coinsurance, and deductibles, it’s important that enrollees are aware of how much they will need to pay before their coverage kicks in.
3.) You Want All Your Medicare Coverage in One Place
Medicare Advantage plans are required to provide coverage for everything that Original Medicare does. They can also be set up to include vision, dental, hearing, and more, all in one plan. For many people, the simplicity of not having multiple Medicare plans is well worth it.
4.) You Don’t Mind Sticking to a Regional Provider Network
Most Medicare Advantage plans require enrollees to stick to a regional provider network or else face a penalty. (There is an exception with some Medicare MSA Plans … Click here to learn more).
5.) You Have New Health Needs or Your Prescriptions Have Changed
No health plan is designed to last you for life. If your health needs have changed, or if you have new prescription drugs, then it’s worth looking into plan options. You might be able to get a better deal for the coverage you need.
What Changes Can I Make During Medicare Open Enrollment?
- Switch from Original Medicare to Medicare Advantage
- Switch from one Medicare Advantage plan to a different one
- Add Part D prescription drug coverage
How to Change Medicare Plans During Annual Enrollment 2021
- Evaluate your needs. Know what you need from a Medicare plan, including cost, coverage, network info, and more.
- Compare Medicare Advantage Plans. Work with an advisor or Medicare expert to choose the plan that best suits your needs.
- Make changes before December 7th. Get your enrollment status updated as soon as possible to make things easier.
Need help with open enrollment? Click here to get your own Personal Benefits Manager, a live one-on-one Medicare expert to help you free of charge.
Here are some additional articles on Medicare Advantage plans and the Medicare Annual Enrollment Period: The Medicare Annual Enrollment Period 2021 Starts This Month – Here’s Everything You Need to Know | Should You Switch to a Medicare MSA Plan This Fall?
Here are some additional pages related to this article: Medicare Medical Savings Account (MSA) | Medicare Advantage Plans: The Alternative to Original Medicare
Tom Lockwood is a Personal Benefits Manager at MediGap Advisors. Tom has a passion for bringing clarity to those confused about Medicare. He is an authority on Medicare, Medicare supplement plans, Medicare Advantage plans, and Part D prescription drug plans. Read more about Tom on his Bio page.