Get Ready for Medicare Open Enrollment:

Your 60-Day Action Plan

Nearly 65 million Americans will have the opportunity to review and change their Medicare coverage during this year’s Open Enrollment period.

The Medicare Open Enrollment period from October 15 to December 7 represents your annual opportunity to sign up for, or change Medicare Advantage (MAPD) and Part D prescription drug plans.

Understanding this process now, a full 60 days before enrollment begins, will help you make an informed decision without the pressure of looming deadlines.

60-45 Days Before Open Enrollment: Gather Your Information

First of all, know that unless your policy is ending for some reason, you do not have to do anything during this period. You can just keep the same Medicare supplement or MAPD plan that you currently have.

If you currently have a Medicare supplement plan, you likely have very little out-of-pocket exposure, and can go to any doctor you choose, who accepts Medicare. Switching to an MAPD plan may lower your monthly cost, but you will have a larger potential out-of-pocket exposure, and you will also be limited to a set list of doctors and hospitals.

If you switch from one MAPD plan to another, be aware that your doctor network will likely change, so you may not have access to the same doctors you are currently seeing.

However, if your monthly rates have gone up substantially, if your health has changed, or if you just need to lower your monthly premium, it could be worthwhile to do a review and see if there are some better options available.

Key documents you’ll want to review include plan materials, prescription lists with dosages, and any correspondence from Medicare or your plan. Create a simple filing system to keep everything organized.

Review your current plan’s Summary of Benefits document to understand what you’re currently paying in premiums, deductibles, and out-of-pocket costs. 

45-30 Days Before Open Enrollment: Consider If Changes Are Needed

The good news for most Medicare beneficiaries is that once you have a Medicare plan that works well for you, you can simply stay with it year after year. Most of our clients find that their existing coverage continues to meet their needs and choose to keep their current plan.

If you are considering switching from a Medicare supplement plan to a Medicare Advantage plan, ask yourself if you are ok with having a specific network of doctors to which you are limited.

If you already have an MAPD and want options to see any doctor, you can switch to a Medicare supplement this time of year also, but you will have to qualify by answering some health questions.

30-15 Days Before Open Enrollment: Relax or Schedule a Review, Depending on Your Situation

For most Medicare beneficiaries, this period is simply about confirming you’re staying with your current plan – which is perfectly fine and often the best choice.

You don’t need to take any action if your coverage continues to meet your needs.

If you’ve determined that a change might benefit you, this is the time to reach out to your Personal Benefits Manager for guidance. We’re always happy to help our clients review their options and ensure they’re making the best decision for their specific situation, whether that’s staying put or making a strategic change.

Prepare Now for Future Medicare Decisions

Thanks for being my client at MediGap Advisors.

If you would like to talk, schedule a time on my calendar using the link below.

Here’s to your health and wealth,

Wiley P. Long, III
President – MediGap Advisors

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