Open enrollment for Medicare began earlier this month. Between now and Dec. 7, existing Medicare enrollees can make changes to their coverage. For you, that could mean moving from original Medicare (Parts A and B plus a Part D drug plan) to Medicare Advantage, or switching from one Medicare Advantage plan to another.
A recent survey by eHealth found that 50% of Medicare Advantage enrollees have been on the same plan for at least two years. That's not necessarily a bad thing, as it could mean that a lot of people have remained happy with their coverage, and that their coverage hasn't changed so much in the past couple of years.
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But if your current Medicare Advantage plan is changing for the worse, then it may be time to find a new one. And even if your plan isn't changing, if you feel you're overpaying for coverage or aren't happy with the providers under your plan, then it may be time for a switch.
Of course, if you're going to choose a new Medicare Advantage plan, it's important that you find the right one. Here are a few pointers to guide you in the right direction.
1. Pay attention to supplemental benefits
One big benefit of choosing Medicare Advantage over original Medicare is getting access to supplemental benefits -- services original Medicare won't pay for. It's pretty common for Medicare Advantage plans to cover services like dental care, eye exams, and hearing aids. But you may want to look beyond those benefits when searching for plans.
Some Medicare Advantage plans go beyond the basics by offering coverage for services like meal delivery, fitness club memberships, and more. So as you review different plan choices, read through the benefits carefully.
2. Only pay for benefits you'll actually use or qualify for
The cost of a Medicare Advantage plan will hinge on different factors. There are some $0 premium Medicare Advantage plans out there, while others cost a lot more.
You may be inclined to enroll in a plan that offers a larger number of benefits. But before you pay up for a plan like that, make sure those extra benefits are ones you're likely to use and/or qualify for.
Some Medicare Advantage plans, for example, offer home cleaning services. But to qualify for that benefit, you may need to have a specific condition like asthma or other lung or breathing problems. You don't want to pay for benefits you won't end up having access to, so while it's important to compare benefits, be mindful of which ones actually apply to you.
3. Compare plan ratings before making your choice
Medicare uses a star rating system to measure the performance of both Advantage and Part D drug plans, with one star being the lowest rating and five stars being the highest. You don't necessarily want to only look at ratings when evaluating your plan choices. But it wouldn't hurt to factor those ratings into your decision.
It may also help you to know what goes into those ratings. For Medicare Advantage plans, ratings hinge on factors that include coverage for screenings and diagnostic tests, health management, customer service, and member complaints.
Switching to a new Medicare Advantage plan could not only save you money on healthcare in the new year, but also give you access to a wider range of benefits. Keep these points in mind to make the process of reviewing your plan choices as smooth as possible. But also, don't wait until open enrollment is almost over to start doing your research. The more time you give yourself to weigh your plan options, the less stressful the process should be.
