When it comes to enrolling in Medicare, you get choices. You could stick to original Medicare, which includes Part A (hospital care), Part B (outpatient services), and Part D (drug coverage). But for some enrollees, a Medicare Advantage plan makes a lot more sense.
Medicare Advantage plans are offered by private insurers and are required to provide at least the same level of coverage as original Medicare. However, many Medicare plans go beyond that -- and sometimes, at a more affordable price point.
Meanwhile, Medicare's annual open enrollment period kicked off a few days ago. And between now and Dec. 7, you have an opportunity to make changes to your Medicare coverage.
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This means you can dump your current Advantage plan if it's no longer working for you. And here are a few signs that you may want to do just that.
1. Your costs are going up
The cost of your Advantage plan will hinge on a host of factors, including the benefits it provides. Some Medicare Advantage plans come with a $0 premium, while others are more expensive.
But if your costs are going to rise in 2024 under your current Advantage plan, then you may want to look into getting a different one. As is it, seniors on Social Security are getting a much smaller raise in 2024 than they did in 2023. So if you're looking at a premium hike, it pays to explore other options.
2. You're losing some of the supplemental benefits you were paying for
Many Medicare Advantage plans offer benefits that include dental care, eye exams, and hearing aids. Some go well beyond that, offering supplemental benefits that include covered gym memberships, home cleaning services, and meal delivery (provided there's a medical need).
It may be that you're paying more for your Advantage plan to access added benefits. But if those benefits are going away in 2024, then it could pay to switch to a plan that continues to offer them.
3. Your providers will no longer be in-network
One benefit of enrolling in original Medicare is getting access to a wide range of healthcare providers. With an Advantage plan, your choices might be more limited.
Meanwhile, if your preferred providers will no longer be in-network next year, then it could pay to switch plans so you can continue to see the doctors you've built up trust with. Or, you may want to switch to an Advantage plan that simply gives you more choices.
Review your options carefully
Chances are, healthcare is one of your largest expenses. So it's important to choose the right Advantage plan to help ensure that you get the coverage you need at a price that makes sense.
By now, you should've received a notice of change from your Medicare Advantage plan administrator. If you don't have it in hand, put in a call to get a copy ASAP.
From there, you can review upcoming changes to your current plan to decide if you should look into a new one. And even if your Advantage plan isn't changing all that much, it's still a good idea to review your plan choices to make sure the one you're looking at is the most cost-effective.
