Jonah JacobsIf you want to stick around for your loved ones, you’ll need to ensure your healthcare coverage is up to par. Without it, you could lack the care you need or find yourself in financial trouble by not being able to pay your medical bills.
Medicare is one way many people make sure they get the coverage they need, and its Open Enrollment Period (OEP) is when they can ensure it still covers their needs for the year to come.
Medicare Open Enrollment Explained
While this article’s primary focus is to help you find resources to participate in the OEP, let’s give you a quick refresher on what this particular period is.
Medicare Open Enrollment happens every year. For 2020, its dates run from October 15 to December 7. Make any changes to your coverage within those dates, and you should get to reap the rewards of your new and improved plans on January 1.
Why would you want to make changes to your Medicare coverage? Because there may be changes for 2021 that do not suit your needs.
For instance, in your Annual Notice of Change, you could see that 2021 may bring higher prescription costs, or some of the drugs you need may no longer be covered. Some of your in-network providers or pharmacies may change, making your plan inconvenient. You could also see tweaks to your potential out-of-pocket costs that no longer suit you, making a change to your plans an absolute must.
Reviewing your Annual Notice of Change can mean the difference between peace of mind, better coverage, and lower costs, and finding yourself not liking your 2021 plan any longer.
If you switch to better prescription coverage, you can make sure all of your drugs remain covered while also cutting out-of-pocket costs. Switch your Part D coverage after reviewing it, and research shows you could save an average of $300 per year. You can also change your current plan to one of higher quality. For example, if you are currently under a 3-star plan, switching to a 5-star one during open enrollment could be worth your time.
Getting Help With the OEP
Since Medicare Open Enrollment can be overwhelming, you may be best served by seeking professionals’ help on the topic. For starters, you could go to the My Medicare Matters site and take their questionnaire. Doing so will put you in touch with a licensed benefits advisor who can give you free professional counseling recommended by the National Council on Aging.
Another option for getting help during the OEP is to contact your local SHIP or State Health Insurance Program. This can result in free Medicare counseling from a volunteer or trained staff member funded by the federal government.
Remember that if you change your coverage using the options above or on your own, you’ll need to get in touch with your providers to let them know.
