It’s that time of year again, cold weather and Medicare open enrollment. For those of us who are 65 and older, now is the time to make changes to your Medicare coverage. Open enrollment begins on October 15th and closes on December 7th (I know, I know, random dates are hard to keep track of). This is the perfect time to educate yourself and your kids or caregiver on your coverage. The last thing you want to do is wait until you have an emergency to learn what is or is not covered.
So what does open enrollment mean exactly? If you look at your Medicare guide for 2023 you may get overwhelmed with information. As my mom would say, “this is way over my head!”. But don’t worry! Enlighten Benefits is here to offer confidence over confusion. Below are some important tips to help guide you through this open enrollment season.
If you have Medicare part A & B you are eligible to make changes if you want. However, if you are happy with your current plan you don’t have to! Everything you have will roll over as it is. Depending on your Health coverage you could have a Medicare Supplement or an Advantage plan. If you are not sure what you have contact your broker, or us, to find out.
Now is also a great time to learn the difference between Medicare Supplement and an Advantage Plan. Advantage plans are typically the plans you see advertised on TV. They usually mention great perks, little to nothing premiums and have a celebrity endorsing the plan. These plans are very strict HMO and they will dictate your health care. They have a smaller “network” and generally have lower premiums. NOTE: If you are on an Advantage Plan and want to change to a Supplement you will have to answer medical questions when you apply to switch over.
Supplements are not as heavily advertised and generally have higher premiums. But before you say “I want the cheapest deal” hear this: insurance is “pay upfront or pay as you go” but either way you are going to pay someone at some point. Supplements are the pay as you go option. They also have a larger network of providers and allow you to make choices on your health. During open enrollment you can change to an Advantage plan without answering any medical questions.
All of this to say that this is the season to look over your plan to see if you have standalone drug coverage, or if you want to move to better coverage or cheaper coverage. Trust me, you don’t want to wait until you are sick to find out what plan and coverage you have. Once you cross that line of insurability, you are most likely stuck where you are! Make sure you know how your coverage works in a serious situation and know what your options would be when that happens. Because it will happen!