Medicare Annual Enrollment 2023
As we get closer to the end of the year, many people start thinking about the Medicare Annual Enrollment 2023. During this time of the year, you can make changes to your Medicare coverage for the upcoming year. It is important to note; each year Medicare plans change. Some plans add benefits to a plan or change the way they cover a medication. Whether you’re a first-time Medicare beneficiary or have been on Medicare for years, you should check your plan each year to stay informed about the changes that may effect your coverage for the following year.
When is Annual Enrollment 2023:
Medicare Annual Enrollment begins October 15, 2022 and ends on December 7, 2022. During this time, you’ll be able to make changes to your Medicare coverage for the upcoming year.
What changes can I make during the Medicare AEP
- Beneficiaries of Original Medicare may change to a Medicare Advantage plan.
- If you are on a Medicare Advantage plan you can change to Original Medicare.
- You may decide to enroll in a PDP (Part D, prescription drug plan).
- You can also change from one Medicare Advantage plan to another.
- Some people switch from one PDP plan to another.
- Other individuals may choose to drop their Part D coverage altogether.
Things to consider before changing your Medicare coverage:
- Each year you should review your healthcare coverage. Many people find it invaluable to enlist the expertise of a licensed insurance agent for this. Because there are so many plan options it can get confusing. Make sure you understand your current coverage so it will be easier to compare it with the best plan choices for next year.
- Think about your health care needs especially if they have changed. If possible, try to consider what you may need in the upcoming year.
- If you are on a Medicare advantage plan, be sure to check that your health care providers will still be in-network. Providers and facilities (hospitals, labs, out patient clinics) do make changes during the year and if you skip this step, it could be very costly.
- Members of PDP plans need to carefully check their plan’s formulary. Private insurance companies do change these each year and something that is covered this year may not be next year. It is possible there is a prescription drug plan that is a better fit for you for next year.
- If possible, it is a good idea to look at the total cost of this year’s plan (plan premium, deductibles, co-pays and co-insurance) to see if you can save money next year. It is important to think about your budget as well as your healthcare needs.
There are many resources to help you learn more about the Medicare Annual Enrollment 2023:
- Visit the Medicare.gov website: The official Medicare website provides information about all aspects of Medicare.
- State Health Insurance Assistance Programs (SHIPs): SHIPs offer free, personalized Medicare counseling and assistance. These programs can also provide valuable information on programs for those with a limited income.
- Medicare and You Handbook: The Medicare and You Handbook is a comprehensive guide to Medicare that is updated each year and mailed to all Medicare beneficiaries.
- Call a local insurance agent. Make sure the agent is licensed and appointed to sell the most competitive plans in your area. If you find a reliable and knowledgeable agent, this will help narrow down the choices for you to make an informed decision.
The Medicare Annual Enrollment 2023 is an important time of year for Medicare beneficiaries to review and make changes to their coverage. By staying informed and considering your health care needs, you can make the best decisions for your health and budget.