Gearing Up for Medicare Election Period
October 15 – December 7
It is so important to review your Medicare coverage every year during the Medicare Election period. Medicare Election Period is the right time to take a hard look at Your Medicare Insurance Plans each year. This is your opportunity to make some changes to your coverage.
There are usually three reasons that would cause a Medicare recipient to change their insurance plans:
- The plan no longer covers the types of care you now require or the prescriptions you now take.
- The plan is not convenient. This usually means that your doctors or the providers in your area do not accept the type of plan you have.
- The plan is more expensive than either you can comfortably afford or there are less costly plans that provide the care you need.
Regardless of your reasons for changing plans, there are only certain times that you are allowed to make the change.
October 15 through December 7 is Medicare Election Period. For Medicare recipients who are enrolled in traditional Part A and Part B, this is the period during which you can change to a Medicare Advantage plan or add or change Part D (drug coverage). If you are on a Medicare Advantage plan currently you can also switch plans during this time. Medicare Election Periods allow you to make changes that may better fit your needs and budget.
One of the most helpful ways to assess your current coverage is to review your healthcare needs during the past year. Take the time to add up what was not covered by the insurance you have now. This can help guide decisions about what you might want to add or change about your current coverage.
Remember that some plans can add benefits for vision, hearing aids or dental. These benefits can save you money. Most Advantage plans offer these extras.
There are pros and cons to every Medicare program. Selecting the right one for you is a highly individualized process.
At PBS llc, we are happy to help you review your current plan and investigate plans that might be better for whatever reason you are considering making a change.