Medicare Open Enrollment is here, and it’s an important time to make sure your coverage still fits your needs. Each year, from October 15 through December 7, Medicare beneficiaries have the opportunity to review their coverage and make changes for the upcoming year.
At Smart Insurance Agency in Marionville, Missouri, we know Medicare can feel overwhelming. Between prescription drug coverage, provider networks, and changing plan benefits, there’s a lot to consider. The good news? You don’t have to sort through everything on your own.
Why Should You Review Your Medicare Coverage Every Year?
Even if you’re happy with your current Medicare plan, it’s worth taking a closer look each fall.
Insurance companies can make changes to their Medicare plans from one year to the next. These changes may affect:
- Prescription drug coverage: Your medications may have different costs or coverage requirements.
- Monthly premiums: The amount you pay for your plan may change.
- Deductibles and copays: Your out-of-pocket expenses may increase or decrease.
- Doctor and hospital networks: Your preferred healthcare providers may no longer participate in your plan.
- Additional benefits: Dental, vision, hearing, and other benefits may change depending on your plan.
A plan that worked well last year might not be the best fit for the coming year. That’s why an annual review is so important.
What Can You Change During Medicare Open Enrollment?
During the Annual Enrollment Period (AEP), October 15 through December 7, eligible Medicare beneficiaries can make several types of coverage changes, including:
- Switching from one Medicare Advantage plan to another.
- Changing Medicare Part D prescription drug plans.
- Moving from Original Medicare to Medicare Advantage.
- Returning from Medicare Advantage to Original Medicare.
Changes made during this period generally take effect January 1 of the following year.
It’s also important to understand that Medicare Supplement (Medigap) policies have different enrollment rules. Switching back to Original Medicare doesn’t necessarily guarantee that you’ll qualify for a Medicare Supplement policy.
For more information, visit the official Medicare Open Enrollment page.
Don’t Forget to Review Your Prescription Medications
One of the most important parts of an annual Medicare review is checking your prescription drug coverage.
Bring an updated list of your medications, including the name, dosage, and how often you take each prescription. It’s also helpful to know which pharmacy you prefer.
Even when your prescriptions haven’t changed, the way your Medicare plan covers them might.
Reviewing your medications each year can help identify potential coverage changes and unexpected costs before the new year begins.
What Should You Bring to Your Medicare Review Appointment?
A little preparation can make your appointment much more productive.
We recommend having the following information ready:
- Your Medicare card and current insurance information.
- A complete, updated list of prescription medications and dosages.
- The names of your preferred doctors, specialists, and hospitals.
- Your preferred pharmacy.
- Any questions or concerns about your current coverage.
You may also want to bring your plan’s Annual Notice of Change, which outlines changes to your coverage for the upcoming year.
Do You Have to Change Your Medicare Plan Every Year?
No! Reviewing your Medicare coverage doesn’t automatically mean you need to make a change.
Sometimes, after comparing your options, you’ll discover that your current plan still works well for your healthcare needs and budget.
The goal isn’t necessarily to change plans. It’s to feel confident about the coverage you’re keeping.
Local Medicare Help in Marionville, Missouri
Medicare decisions are personal, and we believe having someone local to answer your questions makes a difference.
At Smart Insurance Agency, we’re proud to help our neighbors in Marionville and surrounding Southwest Missouri communities navigate their Medicare coverage options.
Whether you’re reviewing your existing plan or trying to understand what has changed, we’re here to help you make an informed decision.
Ready for your annual Medicare review?
Contact Smart Insurance Agency to schedule an appointment with Nick Layman and review your Medicare coverage before the December 7 deadline.
Visit Smart Insurance Agency to get in touch.
Smart Insurance Agency is not connected with or endorsed by the U.S. government or the federal Medicare program.