Open Enrollment is back in full swing, and that means it’s time to give your coverage a checkup! The Open Enrollment period runs from October 15th through December 7th, and any changes made will take effect on January 1st, 2020.
During this window of time, you can make changes to your current coverage, such as switching from Original Medicare to a Medicare Advantage Plan, switch to Original Medicare from an Advantage Plan, move from one Medicare Advantage Plan to another, or move from one prescription drug plan (Part D) to another, or purchase one if you did not when you were first eligible.
Experts say that even if you have been happy with your 2019 coverage, both Medicare Advantage and prescription drug plans (Part D) are modified from year to year, and even new plans become available, which means it’s important to evaluate whether your current coverage is still the best option available for you.
Each insurance carrier revisits their drug formulary, and they renegotiate provider contracts, so you need to make sure your providers, prescription medications and your preferred pharmacy are still on the plan you have, or switch if they are not covered. If, after you have evaluated your options, you determine that you would like to stick with your current plan, you don’t need to take any action, as you will automatically be re-enrolled in your current plan if you do not take any action to make changes.
During the initial sign-up time, you can sign up for a Medicare Advantage Plan, which includes Parts A and B and typically, a Part D prescription plan as well. These plans often include additional coverage, such as vision, dental, or wellness programs.
If you use the Plan Finder Tool on Medicare.gov to compare your options each year, you will be navigating a new system this year. The updated version has already experienced some technical issues and has had many bug fixes, and glitch fixes. Medicare users can always call 1-800-MEDICARE if any information seems to be inaccurate, unclear or missing.
If you pick a Medicare Advantage plan during the Fall Open Enrollment and realize afterward that it really isn’t a good fit, you can change your coverage between January 1st and March 31st by switching to either another Advantage Plan or to Original Medicare and a stand-alone prescription plan. Be aware that while you can change your mind about coverage during the current enrollment period, you can only make one change during the January through March window.
It is understandably stressful to go through all of the options and feel confident that you’ve seen every plan and can choose the right one, so it’s always a great idea to contact an experienced and licensed Health Insurance Broker to help you navigate the health insurance maze and assist you in choosing the best plan for you.
Group Plans Inc has been successfully helping Arizona residents maneuver the Health Insurance domain since 1977, and managing your risk with the best plan options available to you. Not only that, but working with a broker can be an invaluable source of information, as a broker can help you break down terminology and specific requirements through each plan option, as well as assist you throughout the year with questions or concerns, and even assisting with claims information. We want you to be confident in your coverage choice, so we do everything we can to make sure you are presented with the best options and that you understand the benefits of your chosen plans!
To make an appointment to have your Health Insurance review, please fill out the contact form below so we can reach out to you, or feel free to call 623-889-7600.