There is so much hubbub around Medicare annual enrolment that sometimes people feel like they must do something but are afraid to! This is completely understandable; people on Medicare are basically harassed from October to December.
What is Medicare Annual Enrolment?
It is the time period from October 15 to December 7th during which you can make a change to your Medicare Part D or Advantage plan or enroll in a plan if you have not been on one before. Medicare plan changes are mostly restricted to this short time period.
This is also the time of year that plan changes and often time, rule changes are released for the next year. The types of changes we typically see are; drug formularies, extra benefits, plans can leave a market or be added to a new market, tweaks in copays and maximum out of pockets can happen as well.
How do I know if I need to make a change during Annual Enrolment?
There are two main areas to think about, your drug coverage and your medical coverage. Let’s talk about drug coverage first.
In my opinion, if you are taking any drugs outside of generic maintenance medications, you should review your drug plan. In Oklahoma, there is more volatility in stand alone drug plans than those wrapped up in an Advantage plan, but it is still a good idea to check. You may need a new drug plan if you have had changes in medications or a new diagnosis.
The easiest way to know how changes will affect you, is to have an annual check in with your agent. We will collect your current medication list, and any changes that have happened on your end during the past year. Then, we will take a look at how they fall under the next year’s drug plans. Walk you through what we see, and assist with enrollment in a new plan if necessary.
If you are doing this yourself, use Medicare.gov. Create or log into your account, update your medications and see what you think. It is very important to enter the medications precisely as prescribed because tiny variances can make a big difference.
Medical coverage and extra benefits.
You will receive an annual notice of change, and if you have ever read one before, they can be very confusing! Again, the best way to know what is different for the next year and how it could impact you, is to check in with your agent. We go through multiple training sessions with each carrier discussing what is new for the next year preparing for Annual Enrollment period. If the changes were easy to spot and understand, these training sessions wouldn’t be necessary!
If you want to fly solo, go to Medicare.gov, update your information and see what you think. The most important item to look at, in my opinion, is see if there were any changes to your maximum out of pocket. Look over the “major health event copays”, hospital stays, surgeries, diagnostics and ER visits. If there is something specific that you use heavily, like specialists or physical therapy, check on those copays. Then look over the extra benefits, did the dental change or the over the counter, whichever ones are most important to you. If there is an issue with any of these, then it’s time to start shopping and looking for a plan that closely meets your parameters.
What about Supplement plans?
Supplement changes are not subject to enrollment periods and can be changed any time of the year with underwriting or the month of your birthday without underwriting.
To schedule an annual review appointment, you can use
this calendar or give me a call at 405-987-4380.
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