Video: Is Your Medicare Advantage Plan Changing?
If you’re enrolled in a Medicare Advantage plan, you might have switched from Original Medicare to save money and get additional benefits. However, you should be aware that plans can change every year, and your needs may change as well.
How Do I Know if My Medicare Plan Is Changing?
Insurance carriers send an Annual Notice of Change. You should get yours in the mail before the end of September. Any changes outlined in the notice will take effect at the beginning of the next year
Check carefully for any differences in your monthly premiums, deductibles, out-of-pocket costs, benefits, prescription coverage, or provider network. Here are a few things to look out for:
- Are you losing benefits that you use regularly?
- Has your doctor left your plan’s provider network?
- Are there any adjustments to the plan’s formulary, the list of covered drugs, that could make it harder for you to get the medications you need?
If you see any of these changes, it may be time to consider another plan.
What Should I Do When My Medicare Advantage Plan Changes?
The Medicare Advantage and Prescription Drug Plan Annual Enrollment Period runs from October 15 to December 7. During this time, you can switch from one Medicare Advantage plan to another or even go back to Original Medicare.
Even if your current plan isn’t making any big changes, the Annual Enrollment Period is a good time to see if there’s another plan that better fits your healthcare needs in the coming year.
If you have questions about the changes in your plan or want to explore other options, a licensed insurance agent can help. At GoHealth, we’ll run a PlanFit CheckUp, reviewing plans in your area to find the best match for your health and financial situation.
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Want to see how you could benefit from a Medicare Advantage plan?
Get in touch with a licensed insurance agent at GoHealth today.
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