Medicare Open Enrollment is your annual opportunity to make changes to your existing health insurance plan or to enroll in new coverage. Here are five common mistakes that you should avoid this Open Enrollment to make sure you’ve got the right Medicare coverage for 2018.
1. Automatically renewing your plan.
Unless you make changes to your Medicare Part D or Medicare Advantage plan, it will renew on January 1st each year.
Although automatic renewal is the easiest option, it’s not always the best. Plans can change what services are covered and they can even increase payment amounts for premiums, copays, and coinsurance.
Review your plan carefully and make sure it’s still the best option for you before you renew it.
2. Ignoring your Annual Notice of Change letter.
You’ll receive an Annual Notice of Changes (ANOC) letter from your health insurance company before Open Enrollment starts. This letter will outline any changes in your plan benefits or costs for the upcoming year.
You should be on the lookout for this letter and read it carefully. If your plan is being changed, you should compare your other coverage options with a licensed sales agent to make sure you’ve got the right plan for your needs.
3. Choosing a new plan based on premium alone.
You don’t want to pick a new health insurance plan based on the monthly premium alone. You need to take into account deductible, copays, prescription drug coverage and plan benefits.
Just because a plan has a low monthly premium doesn’t mean it will be the most cost effective, or the right plan for your needs.
4. Assuming you’re not eligible for help with Medicare costs.
There are several programs available that offer financial help for Medicare costs. If you think you may be eligible, talk with a licensed sales agent to learn more.
5. Selecting new coverage without the help of a licensed sales agent.
Picking a new Medicare plan can be difficult. There are so many options and a lot of factors to consider, like price, doctor network, and prescription drug coverage (just to name a few). A licensed sales agent can help you compare your choices and find the lowest cost plan available.
Don’t miss your chance to change your Medicare plan or enroll in a new plan. Schedule your free Medicare plan review today so that you’re prepared once Open Enrollment starts on October 15th.