8 out of 10 consumers prefer to keep their current Medicare coverage each year. However, this isn't always the greatest option. Even if you're happy with your existing coverage, the Annual Enrollment Period (AEP) is a great time to look into what other plans have to offer. So, why do we recommend dealing with an independent licensed agent to research the Medicare plans available in your area?
Your health doesn't stay the same from year to year. Any changes in your health will change your medical requirements. If you've been diagnosed with a health problem, check to see if your insurance covers the treatments and medications you'll need. What your current plan doesn't cover might be covered by another.
If you visited your doctor more than ever in the previous year, you might be interested in a plan with reduced copays or deductibles. If you're in good health and haven't had to use your insurance in a while, a plan with a smaller monthly price can be more enticing. Before making any adjustments in this area, it's a good idea to speak with a specialist about your unique health situation.
Your Medicare plan, like your health, might fluctuate from year to year. Fortunately, each year in September, your plan will give you an Annual Notice of Change (ANOC). Any changes to your coverage will be noted on this page. If you haven't received one by October 15, you should contact your insurance provider. There are a handful of modifications in your ANOC that you should be aware of.
If you're on a fixed income and can't afford to pay more for health insurance, it's a good idea to look into more cheap plan options if your premiums are set to rise in January. You might even be eligible for income-based assistance. A registered sales agent can assist you in understand a plan's prices.
When a healthcare plan's contract with a local provider expires, a hospital system may become out-of-network for your plan. If you appreciate your primary care physician, you might be disappointed to learn that they will be out of network for the next calendar year.
Formularies for prescription drug coverage might vary on an annual basis. Finding a new health plan may be necessary if you require a certain prescription that is no longer covered.
The money you can save by switching plans is one of the most compelling reasons to look at your options this AEP. According to one study, seniors who switched Medicare Part D plans often saw a reduction in their out-of-pocket payments as a result.
Everyone on Medicare has a solid financial motivation to shop around. You may even be able to save hundreds of dollars per month. These are all excellent reasons to keep your options and eyes open this AEP.
So, how do you go about researching your options? Use Medicare Service Plan Finder to see what's available in your area. This can not only show you plans in your area, but it can also put you in touch with an agent that can help you further. You can also contact an agent directly, who will help you find options that are right for you. Remember that you have until December 7 to sign up for a new plan!
Medicare is covered only by home health care services prescribed by a physician and delivered by qualified nurses, although patients must meet strict eligibility criteria.
What is the easiest way to apply for Medicare? Well, you are in the right place! Most people were automatically enrolled and became eligible for Social Security when they turn to 65. We didn't need to apply for Medicare until President Reagan signed the legislation which raises the retirement age in 1983 and begins in 2003.
While eye care is a common need as we age, Medicare coverage is extremely restricted for most vision services. It is normally based on whether you encounter any medical problems that can impair your eyesight.
Many people believe that Medicare is free because, for much of their working life, you have paid into Medicare by taxes, but that assumption is not right.