Are you approaching Medicare enrollment or helping a loved one navigate these crucial healthcare decisions? Medicare offers a range of plans, and understanding the available options can make a big difference in securing the right coverage for 2025.
Medicare Part D and Medicare Advantage plans automatically renew each year on January 1 unless you make a change. While this can simplify things, it’s essential to evaluate your options yearly. Coverage, deductibles, premiums, and other costs can change significantly—especially this year, with updates from the Inflation Reduction Act.
Remember that Medicare enrollment only occurs once a year, ending on December 7, 2024. Reviewing your options now can help avoid unexpected costs.
Take Charge Today:
- Review any changes to your current plan’s coverage for 2025.
- Check for alternative plans that may better suit your medical needs and budget.
- Explore financial assistance options if you need help with premiums.
- Enroll in your plan. Open enrollment ends on December 7, 2024.
Avoid These 5 Common Mistakes
- Allowing Automatic Plan Renewal to Make Your Decision for You
Your Medicare Part D or Medicare Advantage plan renews each year on January 1 unless you decide to change it. While automatic renewal may seem convenient, it might not be the best way to make your Medicare decisions. Plans may change what they cover yearly, including deductibles, premiums, copays, and coinsurance amounts.
Many changes are in place this year due to the Inflation Reduction Act, particularly affecting Part D coverage.
Insurance companies review their plans annually to ensure they remain viable. Shouldn’t you do the same?
- Ignoring Your Plan’s Annual Notice of Changes (ANOC)
Each fall, you receive an Annual Notice of Changes (ANOC) from your Medicare Part D or Medicare Advantage plan. This document details changes to your plan’s benefits or costs for the upcoming year. These changes can impact your healthcare and budget, so review your ANOC closely to understand what’s changing.
- Focusing Only on the Premium When Choosing a Plan
It’s easy to focus solely on premiums when comparing Medicare costs. However, it’s essential to consider the big picture.
A plan with a low or $0 monthly premium may have a deductible for medical or prescription drugs or higher copayments. This plan may work if you rarely visit the doctor or take a few medications.
When selecting a plan, consider all out-of-pocket costs alongside your healthcare needs. For example, many Medicare Advantage plans include routine vision, hearing, and dental coverage, which Original Medicare does not.
- Choosing a Plan Based on Someone Else’s Experience
While you might trust a friend’s opinion about a new restaurant, choosing a Medicare plan is highly personal. What works for one person may not suit another’s needs. With several plans available, reviewing all your options is wise, keeping your healthcare needs and budget in mind.
Coverage and costs can vary significantly from plan to plan.
- Assuming You Don’t Qualify for Medicare Financial Assistance
Several programs provide financial assistance with Medicare premiums and other costs. Even if you may not qualify, it’s worth exploring these options. Contact your State Health Insurance Assistance Program (SHIP) office to discuss your situation. Your health insurer may also offer programs and services to help manage expenses.
Taking the time now to review your Medicare options can ensure you have the right coverage for the coming year, giving you peace of mind as you navigate your healthcare needs.
If you or someone you care about needs additional support to help cope, The Option Group is here to help. Don’t hesitate to contact our professional care management team for assistance.
About The Option Group: Founded in 2010, The Option Group’s compassionate team of experienced Certified Life Care Managers and Educational Advocates provides services for families, their loved ones, medical professionals, and professional family advisors in Maryland, Northern Virginia, Southern Pennsylvania, and Delaware. The firm understands the challenges of caring for individuals who need assistance throughout their lifespan due to aging, dementia, disability, or serious illness. Our skilled providers possess over 100 years of combined experience navigating the healthcare maze and accessing hundreds of resources. The Option Group helps families spend quality time with their loved ones, providing clear choices that lead to better care. For more information, visit www.theoptiongroup.net or call 410-667-0266 (MD) or 717-287-9900 / 610-885-8899/ 215-896-6756 (PA) or 302-858-6449 (DE). For Minor & Young Adult Life Care Management or Educational Services, call Mary Jo Siebert at 410-967-0122.