As the end of the year approaches and the annual Medicare open enrollment period begins, it is time to review your current Medicare coverage and determine if any adjustments need to be made. Most people will only make changes due to an increase in premiums or co-pay amounts, but there may be other reasons to consider a change. You have until December 7, 2020 to make changes to your coverage.
Here are some of the changes you might consider making to your Medicare plan:
- Switching from one Medicare Advantage plan to another. If you have elected to use a Medicare Advantage plan, you should have received information regarding any changes to your current coverage. If your premium is increasing significantly, you can consider looking at other plans. Even if your premium is not changing much, you should take this time to confirm that your preferred health care providers are still in your plan’s network.
- Switching from one Medicare Part D prescription drug plan to another. If you do not use Medicare Advantage, or if your Advantage plan does not include prescription coverage and you use a Part D plan for prescriptions, you can consider changing Part D plans during the open enrollment period. If you take at least one prescription drug, it is worth reviewing plans each year at medicare.gov to evaluate the total you will pay for the drugs you take. You may be able to find a lower-cost option, especially if you are flexible in terms of which pharmacy you use or get drugs by mail.
- Switching from Original Medicare to a Medicare Advantage plan. During open enrollment you can switch from Original Medicare to Medicare Advantage. PLEASE NOTE: If you currently have a Medicare supplement (Medigap) plan, that plan is guaranteed renewable for life. If you switch to Medicare Advantage, you lose that guarantee, so few people elect to make this change.
- Switching from a Medicare Advantage plan to a Medicare supplement (Medigap) plan. If you are healthy and would like to switch to a Medigap plan to benefit from its guarantees, you may do so during open enrollment. Be aware that you will need to go through underwriting and may pay higher premiums if health issues are identified.
If you wish to make a change to your Medicare Advantage or drug plan, simply enroll in the Medicare Advantage plan or Part D prescription plan you want, and you will be automatically dropped from the plan you were on. Remember, the coverage will not be effective until January 1, 2021.
We recommend not waiting until the first week of December to make any changes to your Medicare coverage. The earlier you call, the less time you could spend on hold. To make changes, you can either log in to your account through medicare.gov or call 1-800-MEDICARE.
We partner with a number of professionals who specialize in navigating Medicare options. To learn more, contact your advisor or call us at (952) 844-0995.
PLEASE NOTE: JNBA is neither an agent of The Centers for Medicare & Medicaid Services, nor an insurance agent. All claiming strategies and benefits must be verified and accepted by The Centers for Medicare & Medicaid Services, no portion of the above should be construed as insurance advice. All insurance issues should be addressed with the insurance professional of your choosing.
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