Medicare Open Enrollment–Consider Your Options
Medicare Open Enrollment started October 15th. The Medicare Open Enrollment period runs from October 15 to December 7. During this period, you can freely enroll in or switch plans. Now is the time to start shopping around. Are your current choices still the best ones for you?
During open enrollment, you may enroll in a Medicare Part D (prescription drug) plan. In addition, if you currently have a plan, you may change plans. Additionally, during the seven-week period you can return to traditional Medicare (parts A and B), a Medicare Advantage plan or change Advantage plans. Also, you can enroll in a Medicare Advantage Plan or change Advantage Plans.
Beneficiaries can go to www.medicare.gov or call 1-800-MEDICARE (1-800-633-4227) to make changes in their Medicare prescription drug and health plan coverage.
According to the New York Times, few Medicare beneficiaries take advantage of Open Enrollment. Of those who do take advantage of Open Enrollment, nearly half cut their premiums by at least 5 percent. Even beneficiaries who have been satisfied with their plans should review their choices for 2021, as both premiums and plan coverage can change from year to year.
Reasons to Change
Review your current plan with the following questions in mind:
- Are the doctors you use still part of your Medicare Advantage plan’s provider network?
- Have any of the prescriptions you take been dropped from your prescription plan’s list of covered drugs (the “formulary”)?
- Could you save money with the same coverage by switching to a different plan?
For answers to questions like these, read the plan’s “Annual Notice of Change” letter to you. Prescription drug plans can change their premiums, deductibles, the list of drugs they cover, and their plan rules for covered drugs, exceptions, and appeals. Medicare Advantage plans can change their benefit packages, as well as their provider networks.
Remember that fraud criminals will inevitably use the Open Enrollment Period to try to gain access to personal financial information. Medicare beneficiaries should never give their personal information to anyone making unsolicited phone calls selling Medicare-related products. Similarly, do not share personal information with strangers that show up on your doorstep uninvited, trying to sell you Medicaid services. If you think you have been a victim of fraud or identity theft, contact Medicare.
Resources
Here are more resources for navigating the Medicare Open Enrollment Period:
- Medicare Plan Finder, which helps you find a plan to match your needs: www.medicare.gov/find-a-plan
- Medicare coverage options: https://www.medicare.gov/medicarecoverageoptions/
- The 2020 Medicare & You handbook, which all Medicare beneficiaries should have received. The handbook can also be downloaded online at: medicare.gov/forms-help-resources/medicare-you-handbook/download-medicare-you-in-different-formats
- The Medicare Rights Center: www.medicareinteractive.org
- Your State Health Insurance Assistance Program, which offers independent counseling: https://www.shiptacenter.org
- Duckett Law LLC, Elder Law & Estate Planning
