Picking Medicare advantage plans is a considerable thing and so people do switch plans. It also includes shopping, comparing, and picking again. Picking a new plan during the annual Medicare enrollment is possible as it is available from Oct 15 to December 7th. On enrolling during this period, you get from Jan 1st, the coverage into effect.
Conversely, you must answer 3 questions about the current plan, if you decide to keep it or consider switching. If you answer is no to any of the three questions, you may have to explore other plan options.
- Will I get the required coverage?
You can receive an answer for this question by learning how your plan changes next year. The insurance companies keep changing the Medicare Advantage plans and Part D every year. Your plan will inform you about the coverage of the plan and the cost changes referred to as the Annual Notice of Changes. You should pay attention and read it to know the coverage changes that may be in effect. Normally, most plans release in September their annual notice of changes.
You may consider the formula changes in Part D such as moving from tier one formulary to another with certain medications. Generally, the low-tier drugs are less expensive than the high-tier drugs. Also see if there is any step therapy or new requirements or authorization. The Medicare advantage plans may include cost-saving measures and it may be helpful to you.
- Consider the plan premium and its related costs?
Premiums are a common cost, and the cost is usually the foremost thing you consider on seeing insurance materials. There is a need for you to know that you will be paying every month.
Medicare and private Medicare advantage plans and their premiums may change in the cost. However, you must pay attention to the related costs that includes copays, deductibles, and coinsurance. Make sure you consider the plan details for the existing year.
Copays and coinsurance are the costs charged on receiving a service. Think about the health care services and use the quoted costs to pay next year to get a real estimate and work as per your budget.
- Receiving covered services from the hospitals, doctors, and pharmacies of my choice are possible?
Plans may change with each provider and pharmacy networks every year. You must confirm your plan details to ascertain your doctor and related providers are in the network. You can get the plan using the member card
Picking Medicare advantage plans must be chosen with care by shopping yourself so that you find the current plan fulfills your needs.