Medicare Open Enrollment is the one time of year when you can add or change a:
- Medicare Advantage plan
- Medicare Supplement plan
- Part D prescription drug plan
For the most part, this is the only time you can make these changes. So, if you have been dissatisfied with your coverage in any way, this is the time to get a licensed Medicare agent on the phone to review your options.
New plans during Medicare Open Enrollment
Every year insurance carriers review their prescription drug formulary (the list of drugs they cover under Part D plans) and renegotiate their provider contracts. So, even if you are happy with the plan you have, you need to make sure your providers, prescriptions, and etc. are still an option with your plan.
Also, you need to make certain there’s not another plan that better fits your needs and budget. Any changes made from year to year can affect your copays, deductibles, premiums, and services you require.
If you still decide you want to stick with your current coverage, you do not need to do anything. Your plan will automatically renew.
Adding beneficial plans
If you decide you are interested in a standalone Part D plan, or a Medicare Advantage plan, there are some changes to be aware of for Medicare Open Enrollment 2020.
Medicare Advantage plans provide Medicare beneficiaries the same benefits as Original Medicare Parts A and B, but also some additional things like dental, vision, and hearing.
This year, some plans may offer adult day care or caregiver support. These extra benefits may not be available to everyone, but if this would be beneficial to you, you should speak to a licensed Medicare agent.
That’s not to mention the average premium, if you pay any, is expected to dip this year.
Speaking of cheaper premiums, the same is expected to be true of standalone Medicare Part D plans.
So, again, be sure to speak to a licensed Medicare agent like the ones here at Expert Insurance Team to see if a change or addition to your healthcare coverage would be beneficial to you during Medicare Open Enrollment.