With the number of choices and deadlines that accompany Medicare, it’s easy to lose track and run into a few issues. To help you get started on the right foot, we put together the top three mistakes to avoid when choosing Medicare coverage.
Assuming Your Medicare Coverage Will Stay the Same
It’s quite common for Medicare plans to change from year-to-year, so it’s important to familiarize yourself with any changes to make sure your needs are still covered. Each year, Medicare beneficiaries should receive an Annual Notice of Change, which is a document listing any changes to plan coverage, service area or costs that will go into effect the following January. It’s crucial to read through this document, as it will give you an idea of what kind of changes you’ll need when reevaluating your Medicare plan. Having an understanding of your plan prior to the Medicare Advantage & Prescription Drug Plan Annual Enrollment Period will help you prioritize your needs and any changes that will need to be made.
Forgetting to Compare Medicare Plans & Shop Around
Even if you’re satisfied with your current Medicare plan, there still could be a different plan that better controls your annual costs or better suits your healthcare needs. Shopping around is something we can help you do. In just minutes, we can compare coverage and rates available to you to help you find the Medicare plan that works for both your health and budget. Price and benefits can change every year, so it is always in your best interest to shop around and consider all of your options.
Thinking Your Health Won’t Change
Just as it’s common for Medicare plans to change, it’s also likely your healthcare needs will change over time. Reviewing your Medicare plan annually will not only ensure you have the best available price, but it will also ensure you have ample amount of coverage. Medicare insurance shouldn’t be a “set it and forget it” kind of coverage. Instead, it should be regularly reevaluated.
Let SelectQuote Help
When it comes time to consider your Medicare options—whether during the Medicare Annual Enrollment Period, your Initial Enrollment Period, or any of the other times you’re eligible to adjust coverage—one of the easiest ways to do so is with SelectQuote. We can compare all the available plan options in your area in just minutes, helping you find the one that’s right for you. The service is free and there’s no obligation to enroll.