Medicare’s Annual Open Enrollment Period (AEP) is a crucial time for beneficiaries to review and update their health and drug coverage. Whether your health needs have changed or your current plan is altering its offerings, this period allows you to adjust your Medicare coverage to suit your situation.

What Is the Medicare Annual Open Enrollment Period?

The Medicare Annual Open Enrollment Period, running from October 15 to December 7, is when Medicare beneficiaries can:

1. Switch between Original Medicare (Part A and Part B) and Medicare Advantage (Part C).
2. Switch between Medicare Advantage plans.
3. Change or enroll in a Medicare Part D (prescription drug) plan.
4. Drop Medicare Advantage or Part D coverage.

Any changes you make during this period will take effect on January 1 of the following year.

5 Things to Consider During Medicare Annual Open Enrollment

Here are five critical factors to consider during the enrollment period to ensure your health care coverage meets your needs:

1. Review Changes to Your Current Plan

Plans can change their premiums, co-pays, covered services, and networks each year. Review your Annual Notice of Change (ANOC) to see if any adjustments affect you, especially regarding your prescription drugs and preferred doctors.

2. Evaluate Prescription Drug Coverage

Part D plans can change their drug formularies and pricing. Use Medicare’s Plan Finder tool to check if your medications are still covered and whether switching to another plan could save you money.

3. Assess Your Health Needs

If you’ve experienced health changes or anticipate new treatments, ensure your plan covers them. Medicare Advantage plans may offer extra benefits like dental and vision, which could be helpful if your health needs have evolved.  At the same time, understand the limitations of Medicare Advantage plans.

4. Check Provider Networks

If you’re using a Medicare Advantage plan, make sure your doctors and specialists remain in-network to avoid extra costs. Similarly, confirm your preferred pharmacies are part of your Part D plan’s network.

5. Examine Out-of-Pocket Costs

Compare more than just premiums—look at deductibles, co-pays, and coinsurance. A plan with a low premium may have higher out-of-pocket costs when you need care, so it’s essential to review the total costs associated with each option.

Conclusion

The Medicare Annual Open Enrollment Period is your opportunity to review and update your coverage to better suit your health and financial needs. By carefully considering plan changes, prescription coverage, provider networks, and total costs, you can make informed decisions that provide peace of mind and adequate coverage for the coming year.  For more information on this or any senior care in the home or in Assisted Living and Memory Care Communities, please contact Oasis Senior Advisors (TheDoyles@YourOasisAdvisor.com – 914.356.1901 – 475.619.4123)