Your Medicare Plan Deserves An Annual Checkup

Medicare Open Enrollment runs from October 15 through December 7 each year. During this period, people with Medicare can review their current health and prescription drug coverage and, when appropriate, make changes for the following year. Any changes generally take effect January 1.

September is a good time to start preparing. Your plan should send an Annual Notice of Change explaining any updates to its costs, benefits, coverage, or service area for the coming year. Do not assume that a plan that worked well this year will remain the best fit next year.

As you review your options, consider a few practical questions:

Are your prescriptions still covered? Medication needs can change, and so can a plan’s list of covered drugs. Review your prescriptions, preferred pharmacies, deductibles, copays, and estimated annual costs.

Are your doctors and hospitals still included?

Provider networks may change from one year to the next. Confirm that the doctors, specialists, hospitals, and pharmacies you prefer will remain available under the plan.

Have the costs or benefits changed? Look beyond the monthly premium.

Consider deductibles, copays, coinsurance, out-of-pocket limits, and the services you are most likely to use. Medicare recommends comparing costs, coverage, providers, and prescription drug needs when evaluating options.

Has your health or lifestyle changed?

A new diagnosis, prescription, provider, travel schedule, or financial situation may affect what you need from your coverage. Medicare decisions are healthcare decisions, but they are also an important part of retirement planning. Premiums and out-of-pocket expenses can influence your income needs, withdrawal strategy, and overall budget.

Do not wait until December to begin reviewing your options. A little preparation now can help you make a more informed decision when Open Enrollment begins.

Want to see how healthcare expenses fit into your retirement strategy?

Schedule a no-obligation consultation for a financial plan review to make sure your money and your retirement plan are on track.

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