Since Medicare open enrollment only comes once a year, for a limited time, Prescott’s Medicare expert, Adler Insurance, recommends an evaluation of your current Medicare coverage to help you gauge whether it’s time to make some changes.
Every year insurance companies can, and do, make changes to Medicare plans, and Medicare supplement plans, that can affect your annual deductible, monthly premiums, prescription costs and your in-network and out-of-network provider choices.
Covered doctors, hospitals and even your long-standing list of covered drugs can all have changed. Given the possibility of these annual changes, it’s important to review your existing Medicare plan every year to ensure it’s still providing for your specific needs.
A review of your plan during Medicare’s open-enrollment period can mean that you switch to better prescription drug coverage for yourself. It may also allow you to include coverage for the first time. Changing plans may make critical medications more affordable.
Research demonstrates that the average Medicare consumer can save at least $300 yearly by reviewing their Medicare Advantage or Part D coverage by making sure that your doctor, hospital and pharmacy are all ‘in-network’ with whatever Part D plan you have or choose. If an insurance company has changed providers or pharmacy network for your plan then the resources you use won’t be included any longer. During the open-enrollment you can switch to a plan that does include your current pharmacy, hospital and doctors.
You can also switch to a higher rated plan. Medicare offers a 5-star rating system that can show you how your plan is rated. If your plan is rated less than 3-stars, they recommend using the open-enrollment period to switch to a higher rated plan.
Medicare’s open -enrollment period begins October 15, 2018 and goes through December 7, 2018. If you’re ready to reevaluate your Medicare insurance coverage, call Prescott’s Medicare experts, Adler Insurance, today at 928-710-1455 or visit us at http://www.adlerlifehealth.com for more information.