For many people, the fall season is synonymous with pumpkin picking, chili making, and leaf peeping. But if you're a Medicare enrollee, there's another important thing to focus on during the fall -- reviewing your coverage options during open enrollment.
Medicare open enrollment runs from Oct. 15 through Dec. 7 every year. During that time, enrollees are encouraged to review their plan choices and make changes to their coverage, as necessary. Changes made during open enrollment take effect for the following year.
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Meanwhile, Medicare Part D and Advantage plan administrators are required to send out a notice of change ahead of open enrollment. That way, enrollees can see what's changing with their coverage, since that information is vital to navigating their options for the upcoming year.
At this point, you should've received your notice of change in the mail. If not, contact your plan administrator and ask to have a copy resent. And once that document is in your hands, pay attention to the following items.
1. Your Part D drug tier
Medicare Part D drug plans follow formularies that group medications into different tiers. The tier your prescriptions land in will dictate how much you have to pay out of pocket for them.
Take a look at your change notice and see if your medications have landed in a new tier, and what the financial implication is in that case. If your daily drug was just bumped up a tier, resulting in added costs, you may want to look for a new Part D plan during open enrollment that groups it into a lower tier.
2. Your Advantage plan benefits
The upside of enrolling in Medicare Advantage is getting access to different benefits that aren't available to enrollees in original Medicare (Parts A and B). But it's important to pay attention to changes to your plan's benefits. Perks can go away from one year to the next but can also be added.
Let's say your Advantage plan currently offers meal delivery for qualifying enrollees, and that's a benefit you use often. If it's going away, you may want to switch to a different Advantage plan that comes with that option.
3. Your Advantage plan providers
One downside of Medicare Advantage is that your plan generally limits you to a specific network of medical providers and pharmacies. Going out of network can, in some cases, be prohibitively expensive.
Advantage plan networks can change from one year to the next, so it's important to make sure you'll continue to have access to the providers you rely on. And if not, you may want to explore your options for a new plan.
It may be that come 2024, your Medicare Advantage or Part D plan isn't changing all that much. Or maybe it's actually changing a lot. Either way, pay close attention to your notice of change and read that document carefully. And if there's something you don't understand, contact your plan administrator and ask for clarity so that you wind up in the best position to make savvy decisions during open enrollment.
