Understanding Medicare Open Enrollment: What You Need to Know
Medicare Open Enrollment is a crucial time for millions of Americans aged 65 and older, as well as younger individuals with specific disabilities. This annual period, typically running from October 15 to December 7, allows beneficiaries to review their current Medicare plans and make necessary changes. Understanding how to navigate this period can ensure you receive the best coverage for your healthcare needs.
Connie Riesselman is the Senior Health Insurance Information Program (SHIIP) volunteer coordinator for CCMH. “I encourage all of our senior on Medicare to take some time during the open enrollment period to review their coverages and make sure they have the right plan for their needs.” Appointments can be scheduled with Connie or Barb Ruser by calling CCMH at 712-265-2509.
What Can You Do During Open Enrollment?
- Switch Medicare Plans: You have the option to switch from Original Medicare (Part A and Part B) to a Medicare Advantage Plan (Part C), or vice versa. If you’re satisfied with your current plan, you can remain in it, but it’s wise to compare your options.
- Change Prescription Drug Coverage: If you’re enrolled in a Medicare Advantage Plan that includes drug coverage or a standalone Part D plan, you can switch your plan or enroll in a new one. This is particularly important as formularies can change, and some medications may no longer be covered under your current plan.
- Add or Drop Coverage: You can add Part D prescription drug coverage if you initially opted out, or drop it if you find it unnecessary.
Why Should You Review Your Plan?
Healthcare needs can change over time. New medications, shifts in health status, or changes in financial situations can impact what kind of coverage is best for you. Additionally, plans can alter their premiums, deductibles, and co-pays each year, making it essential to review your options.
Riesselman says contacting the SHIIP office and reviewing coverages can help save money on premium costs for supplemental insurance and Part D Prescription Drug Coverage. “Pharmacies honor different plans and have different prices. It sounds crazy but I saved one couple $12,000 a year on their medications just by helping them choose a different Part D plan. This isn’t common by any means, but it does show the need to review coverages on an annual basis.”
How to Prepare for Open Enrollment
- Review Your Current Coverage: Look at your existing Medicare plan details. Are your healthcare providers still in-network? Are your prescriptions covered?
- Use Medicare’s Resources: The official Medicare website (medicare.gov) offers tools to compare different plans. You can also find the “Medicare & You” handbook, which outlines all available options.
- Reach Out for Assistance: If you’re feeling overwhelmed, don’t hesitate to seek help. Organizations like the State Health Insurance Assistance Program (SHIP) can provide personalized guidance at no cost.
Key Dates to Remember
- October 15: Open Enrollment begins.
- December 7: Open Enrollment ends. Changes made during this period will take effect on January 1 of the following year.
Conclusion
Riesselman encourages seniors not to wait until the last minute. Appointments can be made now before the Open Enrollment period actually begins. “The sooner you can review and choose your coverages for the coming year, the greater peace of mind you’ll have.” Appointments can be made with the CCMH SHIIP Office by calling 712-265-2509.
Medicare Open Enrollment is your opportunity to ensure that your healthcare coverage meets your current needs. Taking the time to review your options and make informed choices can lead to better healthcare outcomes and financial savings. Don’t let this important period pass by without evaluating your coverage—your health deserves it!
