It’s easy to think of Medicare as a one-time thing. Three months before you turn 65 or up to three months after, you make your initial election and supplement decision, then go on your merry way, right? Unfortunately, no. Medicare is not a “set it and forget it” process. You should revisit your plan each year as it could save you money and prevent surprises. Each insurance carrier frequently renegotiates provider contracts which can ultimately change the terms of your supplement plan. Each year you need to check on the three P’s: your providers, your prescriptions, and your pharmacy to ensure your plan still covers your preferences.
Sadly, we’ve seen what can happen if you don’t revisit your plan annually. You could go to the pharmacy to pick up a prescription, and your medication is no longer covered. That hikes your out-of-pocket cost, possibly by hundreds of dollars. Supplement plan changes can also impact your premiums, copays, deductibles, and covered services. Plus ancillary benefits, like x-rays, prosthetic devices, and physical therapy. Extra benefits like gym memberships, chiropractic visits, and meal deliveries are also worth reviewing. These things often get added to – and dropped from plans.
The Medicare Open Enrollment period runs from October 15th to December 7th. This is when you can make changes if you are not happy with your coverage. You can:
- Switch to an Advantage Plan from a traditional Medigap supplement (like Plan F or Plan G).
- Move from one Advantage Plan to another.
- Move from one prescription drug plan to another.
There’s a lot to consider and even more information to wade through regarding Medicare and supplements. Join us for our September 15th Lunch & Learn Medicare Annual Enrollment: Why You Should Revisit Your Plan Each Year. Merkle Retirement Planning Director of Medicare AnnaMarie Morrow will take you through a checklist of things to review each year and answer any questions about enrollment.
The Lunch & Learn starts at noon at Merkle Retirement Planning. There will be a complimentary meal. If you can’t join us in person, a recorded presentation will be sent to everyone’s inbox on Friday.
Here is the link to the Medicare Annual Enrollment Lunch & Learn with AnnaMarie Morrow from 09/14/2022. https://youtu.be/4bzs3H3jUs8