Once you retire, healthcare might become your biggest expense, surpassing even the cost of housing. And the more chronic issues you find yourself managing, the larger your bills might be. That's why it's so important to have the right Medicare coverage in place.
If you're 65 or older, you're generally eligible for Medicare. But you don't have to stick to original Medicare.
Image source: Getty Images.
Many seniors opt to sign up for a Medicare Advantage plan, and for good reason. These plans commonly offer benefits that original Medicare doesn't. And Medicare Advantage plans also put a cap on annual out-of-pocket spending, which is a helpful thing for seniors whose income may be mostly limited to Social Security.
If you're currently enrolled in Medicare Advantage, there's an important deadline you need to know about that's coming up soon. And letting it pass by could mean costing yourself more money and losing out on access to the care you need.
Don't neglect to make changes to your Medicare Advantage coverage
Many people are familiar with Medicare's fall open enrollment period, which runs from Oct. 15 through Dec. 7 each year. But there's also a special open enrollment period specifically for seniors on Medicare Advantage plans.
Medicare Advantage's open enrollment period runs annually from Jan. 1 though March 31. And this period offers you a prime opportunity to make changes to your Medicare Advantage plan.
During this period, you can either ditch your current Medicare Advantage plan and sign up for a new one, or you can dump Medicare Advantage altogether and sign up for original Medicare. You can only, however, make a single change to your health plan during this three-month window.
When it pays to consider a switch
If you're happy with your current Medicare Advantage plan, then you may not want to make any changes between now and March 31. But if there's an aspect of your current plan you're disappointed with, then it could pay to see if there's a better fit for you.
Some of the reasons to consider a change include:
- Your Medicare Advantage plan is costing you more money than expected.
- You're having trouble qualifying for some of the supplemental benefits your Medicare Advantage plan offers.
- Too many of your preferred providers aren't in your plan's network.
- You're already facing delays in getting care due to prior authorization requirements.
If you don't make changes to your Medicare Advantage coverage, you'll be stuck with your current plan through the end of the year. So if there's any aspect of your current plan that isn't meeting your needs, take the time to do your research and see if there's a plan out there that's a better fit. You may even find that you're better off moving over to original Medicare, especially if you want the flexibility to see the providers you already know and trust.
