Do You Have To Review Your Medicare Plan Every Year?

FALSE FACTS FRIDAY Issue 11: “I’m Happy with My Medicare Plan, So I Don’t Have to Review It for Next Year.”

The Medicare Annual Enrollment Period (“AEP”) began in October 15th and extends until December 7. AEP is the time that Medicare recipients can review and change their Medicare plan if they should choose to do so.

People who have been satisfied with their plan may not think to review their plans; however, it is wise to do so every year. Why? For one, the plans change every year. In addition, many new plans come out each year. There are over 25 plans to choose from in Connecticut this year. Another reason to review your Medicare plan each year is because of your health changes. You may need surgery next year or have been prescribed a new prescription that would be better covered under a different plan.

What does it cost to have your plan evaluated? NOTHING! Insurance agents who have been studying the new plans for months are available to review your Medicare plan for free. Many also review your qualifications for the Medicare Savings Plan, which is a state-funded program that pays your Medicare premium, prescriptions, and copays if your income is below certain limits. This year, Medicare recipients can qualify for the Medicare Savings Plan if they make less than $2,196.51 -$2,560.86 (individual)/ $2,972.99-$3,466.14 (couple).

There are 2 main ways to get your Medicare coverage—Original Medicare and Medicare Advantage.

 

1. Original Medicare includes Hospital (Part A) and Medical (Part B) insurance. If you want drug coverage, you can add a separate drug plan (Part D). You can also add a Medicare Supplement Insurance (Medigap) policy to help pay your out-of-pocket costs.
2. A Medicare Advantage Plan is an all-in-one alternative to Original Medicare. These “bundled” plans include Part A, Part B, and usually Part D. Most plans offer extra benefits— like vision, hearing, dental, and more.

Review Your Medicare Plan Options