Every year, Medicare beneficiaries have the option to make changes to their coverage during the Medicare Advantage and Prescription Drug Plan Annual Enrollment Period (AEP) from October 15-December 7. AEP is an ideal time to review your plan and make changes that are oftentimes more affordable or provide more accurate coverage. If you’re happy with your current Medicare plan, though, you may be wondering if you have to review your plan at all. Below we explain the importance of completing a Medicare benefits review every year.
Reasons Why It’s Important to Review Your Medicare Coverage Annually
There are many benefits to reviewing your Medicare coverage on an annual basis and determining if you have the right plan at the right price for you. Here are a few reasons why it’s important to review your Medicare coverage each year:
- Even if you’re satisfied with your current plan, there still could be a different plan that controls your annual costs or better suits your use of healthcare
- Plan premiums can change each year
- Plan coverages can change each year
- You may be missing out on additional benefits
Questions You Should Ask Yourself When Reviewing Your Medicare Coverage
Even if you’re happy with your Medicare plan, coverage and benefits in addition to your healthcare needs can change every year. While completing your Medicare review, you’ll want to ask yourself the following questions:
- Has your medical status changed in the past year?
- Have your co-pays changed?
- Are your prescription drugs still covered?
- Have you moved cities and/or states?
- Does your plan still cover all of your needs?
Do you have to sign up for Medicare every year?
You do not have to sign up for Medicare every year. As a Medicare beneficiary, you should receive an Annual Notice of Change before the Medicare Advantage and Prescription Drug Plan Annual Enrollment Period. The Annual Notice of Chance is a document sent each year listing any changes in plan coverage, service area or costs that will go into effect the following January.
When should you review your Medicare coverage?
A good time to review your Medicare coverage is when you receive your Annual Notice of Change. If you decide you want to explore other coverage options and possibly make a change, you’ll be able to do so during the Medicare Advantage and Prescription Drug Plan Annual Enrollment Period.
How to Change Your Medicare Plan
If you want to change your Medicare plan, the easiest way to do so is during the Medicare Advantage and Prescription Drug Plan Annual Enrollment Period. This period runs from October 15 – Dec 7 each year, and the changes you make will go into effect the January 1 of the next year. There are a number of instances in which you can change your coverage outside of AEP, many of which are considered a Special Enrollment Period.
Get Started Reviewing Your Medicare Coverage with SelectQuote
Even if you’re satisfied with your current Medicare plan, it can be extremely beneficial to shop around each year. At SelectQuote, we get to know your needs and can help you compare coverage from some of the most trusted insurance companies in the nation at no cost to you.