As the Medicare Annual Enrollment Period (AEP) draws near (October 15 – December 7), it’s important to review your current Medicare coverage. You may consider the following questions to determine if you have the right coverage at the right price.
| 1. Has your health status changed in any way that will require more, or fewer, health care services in the coming year? Do you foresee needing any procedures or surgeries in the coming year?
Anytime you have surgery, a procedure or a new diagnosis, your prescriptions and the services you might need may change. You should definitely take a careful look at your current plan to make certain that it covers everything you may possibly need in the coming year. If you are in good health and you don’t foresee any major changes, great! But it might be a good idea to ensure you have adequate coverage for the “just-in-case” scenarios. |
| 2. Does your current plan cover all the services you use or did you have to pay for things that you’d like to have coverage for?
Talk to your insurance agent about the services that you use that are not covered and which plan would provide the best coverage for those services. If you think your plan fits your needs you are probably good to stay where you are, but be sure to consider any services you might need in the future. |
| 3. Does your current plan cover services that you don’t use or no longer need?
If you’re paying for services that you don’t need, you might consider changing to a plan that offers less coverage so that you aren’t paying extra for coverage that you aren’t using. Nobody wants to pay for things they don’t need so take a look at your current plan and evaluate whether it’s still the right one for you. |
| 4. Are there changes being made to your current plan in the coming year, such as adding or deleting services or an increase in price?
Be sure you are educated about what changes are being made to you current Medicare plan. Review your prescriptions and your prescription coverage to see if any of your drugs are no longer covered in the coming year. |
| 5. What were your out-of-pocket health care costs this year? Are you comfortable with your current plan premiums, deductibles, co-pays and coinsurance? Would a plan with a higher or lower premium or deductible better meet your needs?
It is always a good idea to double check your budget, and run the numbers on your income and expenses in the coming year. Unexpected changes can always occur, but it is a good idea to be sure your budget can handle your Medicare costs. |
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The knowledge and information you gather from these questions and the experience you have had with Medicare over the past year, you can reevaluate your needs, research your plan choices early and be ready to take action when the annual enrollment period begins.
If you have any questions about your current coverage or additional coverage options, you can contact Braden Insurance to speak to one of our Medicare agents.
You can also call the Medicare Helpline, 1-800-MEDICARE (1-800-633-4227), or visit medicare.gov.
