Medicare Open-Enrollment Begins in October! Are You Ready?
It’s that time of year again! Medicare’s annual open-enrollment period begins October 15 and will close on December 7, so in order for your coverage to start January 1, you need to start shopping Medicare Supplement Insurance and Medicare Advantage policies now.
Here are five things you need to consider when looking at your options:
Failing to compare plans could cost you.
Every year, the details of health insurance plans change, sometimes a lot, sometimes just a little. According to a recent survey, people who switched to a new Part D drug plan saved roughly $700 in 2015. They were also 20% less likely to reach the prescription coverage gap. Basically, even if you are content with your current plan, look at your options now to make sure you still have the best plan to meet your needs.
The premium isn’t everything.
While you are shopping for a new Medicare health insurance plan, don’t focus on premiums alone. In reality, a plan with a low monthly premium could still end up costing you more in the long run when you take into account prescriptions and specialized doctor visits. In addition, when it comes time to filing claims or needing assistance, customer service experiences will matter to you. To get a full understanding of what a plan will cost, pay close attention to deductibles, co-pays, and coinsurance as well.
Don’t forget about your prescription drugs.
When looking at a plan, make sure that all of your medications are covered and always look to see how generic brand and brand-name drug prices compare.
Out-of-network doctors can be very expensive.
One of the most important factors to consider when selecting a policy is whether or not your doctor participates in the health plan. Always verify that your doctor is in-network. A recent report from America’s Health Insurance Plans revealed that on average, out-of-network medical providers charge patients 300% more than Medicare rates for certain treatments and procedures.
Look at the rankings.
Did you know that Medicare has a rating system that ranks the quality of a plan from one to five stars? Always select a plan with no less than 3.5 stars.
Nothing is more important than your health. To ensure that you have access to the best care possible, it is essential that you choose your health insurance plan wisely.