Healthcare tends to be a major expense for seniors. And paying for it without stress often hinges on having the right Medicare coverage in place.
If you're not so happy with your current Medicare coverage, you're in luck. Right now, the program's annual open enrollment period is underway. During this time, you can switch from one Part D drug plan to another or swap an existing Medicare Advantage plan for a new one that may offer better benefits or be more cost-effective.
But there's not so much time left for open enrollment because the opportunity to adjust your coverage will conclude on Dec. 7. Here are a couple of steps worth taking between now and then if you haven't done so already.
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1. Review changes to your existing coverage
Whether you're signed up for Medicare Advantage or a Part D drug plan, your plan is required to notify you of upcoming changes so you have time to make adjustments during open enrollment. If you haven't thoroughly reviewed your notice of change, do so now, keeping in mind things like out-of-pocket costs and covered benefits.
If you're enrolled in a Medicare Advantage plan, you'll also want to check to make sure that your preferred providers are set to remain in network in 2024. And while you're at it, look into your preferred pharmacies, too. You don't want to end up scrambling to find suitable care in the new year.
2. Consider changes to your health or medications
It may be that your existing Medicare plan isn't changing very much or at all in 2024. But it may be that your needs are changing.
If you're switching medications, for example, you'll definitely want to take that into account when reviewing your Part D drug plan choices. And if you were recently diagnosed with a condition or illness, you may want to see if there's a Medicare Advantage plan offering supplemental benefits that could make it easier to manage at a low cost.
It may also be that your health has improved a lot over the past year. That, too, could prompt a change in your coverage.
It may be that you were paying for a Medicare Advantage plan offering added benefits you needed to use. If that's no longer the case, there may be a less expensive plan you can switch to.
Take action while you can
Many seniors live on a fixed income and need to stretch every penny. Given that next year's Social Security increase isn't going to be anywhere as generous as 2023's, you'll really need to do what you can to manage your income wisely.
Making changes to your Medicare coverage could allow you to take care of your health in a more cost-effective manner. So spend the next two weeks researching plan choices and seeing if there's a better option out there for you.
It may not be the most fun way to spend the start of the holiday season, but you might benefit tremendously by having more suitable coverage in the new year.
