Medicare Open Enrollment 2018
If you have questions about Medicare Open Enrollment 2018, you should read this. The Open Enrollment Period (OEP) starts on October 15 each year and runs through December 7. This time is also referred to as the Annual Election Period. This period of time is for Medicare clients to re-evaluate their coverage, check for changes and explore any new options that may meet their needs more efficiently. You should speak with your broker and at that time he/she can help you compare your current plan against others on the market. If you find a better health coverage option is available, you can make the desired changes. Your new coverage will begin on January 1 of the following year (Jan.1, 2018)
For example:
If you have Medicare Parts A or B, you can either join or drop a Part D prescription drug plan.
If you already have a Part D prescription drug plan, you can change to a different Part D prescription drug plan.
You can also drop your Medicare Advantage Plan (also called Part C) and change back to Parts A & B (Original Medicare)
If you have a Medicare Advantage Plan, you can change to a new Medicare Advantage Plan.
Learn more about the difference between a Medicare Advantage plan and a Medicare Supplement plan
Do I really need to re-evaluate my Medicare coverage during Open Enrollment?
There are changes made every year to health plans that can effect how much they cost you. Changes can include premiums, deductibles, drug costs as well as pharmacy and provider networks. This means that it is possible that your chosen provider may decide not to participate with your health plan anymore. Your health plan may also change it’s formulary (the list of covered drugs and how much they will cover for them). Because of all these variables, you really should review your options. Make sure the coverage you chose still meets your needs. If you do this, you may be able to:
Get yourself better prescription drug coverage or add it in for the first time. Your medication needs may have changed during the course of a year.
Keep your current doctors in-network. Just in case your provider has decided to change his network affiliation. Open enrollment can be a good time to lower your medical costs.
You might find a higher quality plan that is still in your budget.
These are all things you might want to consider when you are planning for the upcoming year.
Crowe and Associates works with numerous Medicare Advantage, Medicare Part D Rx and Medicare Supplement plans. If you have any questions about your coverage, please feel free to contact us. You can reach us either by phone at (203)796-5403, or by email at edward@croweandassociates.com.