Medicare Beneficiaries Have Until Dec. 7 To Change Coverage.
Medicare open enrollment is a time each year when Medicare beneficiaries can make changes to their Medicare health and prescription drug coverage for the coming year. This year, open enrollment runs from October 15 to December 7, 2023.
During open enrollment, Medicare beneficiaries can:
- Switch to a different Medicare Advantage plan.
- Enroll in a standalone Medicare Part D prescription drug plan.
- Make changes to their existing Medicare Advantage plan or Medicare Part D prescription drug plan.
It is important to note that open enrollment is the only time of year when Medicare beneficiaries can make most changes to their coverage without having to qualify for a special enrollment period.
Why should I consider changing my Medicare coverage during open enrollment?
There are a number of reasons why you might want to consider changing your Medicare coverage during open enrollment. For example, your health needs may have changed, or your current plan may no longer meet your needs. You may also be able to find a plan with lower premiums or better coverage.
How do I compare Medicare plans?
There are a number of ways to compare Medicare plans. You can visit the Medicare website, use a Medicare plan finder tool, or talk to a licensed insurance agent.
When comparing plans, be sure to consider the following factors:
- Premiums: How much will you have to pay each month for the plan?
- Deductibles: How much will you have to pay out of pocket before your plan starts paying for covered services?
- Copayments and coinsurance: How much will you have to pay for covered services after you meet your deductible?
- Formulary: What medications are covered by the plan?
- Provider network: Are your preferred doctors and hospitals in the plan’s network?
Once you have chosen a new Medicare plan, you can enroll online, over the phone, or by mail. You can also enroll through a licensed insurance agent.
Here are a few tips for choosing a Medicare plan:
- Start early. Don’t wait until the last minute to compare plans and make a decision.
- Consider your needs. What are your health needs? What medications do you take? What doctors and hospitals do you see?
- Compare plans. Be sure to compare multiple plans before making a decision.
- Get help if you need it. A licensed insurance agent can help you compare plans and choose the one that’s right for you.
Medicare open enrollment is an important time for Medicare beneficiaries to review their coverage and make changes if necessary. By comparing plans and choosing the one that’s right for your needs, you can save money and get the coverage you deserve.
