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Do This Now To Ensure Your Medicare Coverage Is Sufficient

Jonah Jacobs
3 min read

Gifts aren’t the only thing you should be shopping for these days, as the right Medicare plan should be on your list too.

Here’s what needs to be done before open enrollment ends December 7 so you can make sure your coverage is sufficient.

What happens between October 15 and December 7 each year? The Medicare Open Enrollment Period (OEP). What’s its purpose? To give you and other Medicare enrollees time to:

  1. Look at your current coverage.
  2. Assess your healthcare needs.
  3. Pick a new plan, if needed.

Even if you don’t complete the third step on that list, the first two should be done yearly. Why? First, Medicare plans can change from year to year regarding what they cost, what’s covered, and more. And second, your health can also change, meaning new coverage may be in the works so you don’t break the bank trying to stay healthy.

What are some things you can do to get the best coverage before Medicare Open Enrollment ends on December 7? Here they are:

1. See what’s changed.

Both your existing plan and Medicare overall can change annually. In terms of your personal plan, an Annual Notice of Change should have been sent to you in the mail sometime in September. If you don’t have it, call up your insurer and ask for a copy.

When looking at the ANOC, play close attention to the following:

  • Your 2021 premium.
  • How much the plan will pay for certain expenses.
  • Drug coverage for 2021, including costs.

If any of the changes don’t suit your needs, you’ll probably want to shop around for something better.

As for changes to Medicare overall, 2021 will bring the following differences to Advantage plans in the new year:

  • More telehealth coverage for services like cardiology, psychiatry, and dermatology.
  • The ability to see a nurse practitioner as your primary caregiver instead of a doctor.
  • Over 4,800 Advantage plans will be available across the country, which is the biggest number ever.

Beyond the changes to your plan and Medicare overall, analyze what’s changed with your health in 2020. Do you have different needs now than in the past? Are you taking new drugs? If your current plan doesn’t cover those new needs, you’ll need to get a different one that will.

2. Know what you can do.

Medicare Open Enrollment allows you to:

  • Switch your Medicare Advantage plan.
  • Switch between Original Medicare and Medicare Advantage (and vice versa).
  • Join a part D prescription plan or switch to a different one.

3. Talk with your doctors.

You’ll probably want to stick with your current doctors for the peace of mind they can bring. Before making any Medicare-related decisions, call your doctors, and talk to the billing department. Ask them which plans they’ll accept next year so you can pick one they’re linked to.

4. Start shopping around.

Even if your current plan offers the coverage you need, shop around to see if you can find something more affordable. You can do this by contacting your State Health Insurance Assistance Program (SHIP).

Other options for shopping around that may help include the Medicare Plan Finder and this Medicare & You 2021 handbook.

5. Pay attention to ratings.

Once you see some plans that you like, don’t forget to see how they rate based on quality and performance. You can do this via the aforementioned Medicare Plan Finder or by checking out U.S. News & World Report’s listings on Medicare Advantage and Medicare Part D.

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