Medicare Open Enrollment!
This is when you will want to:
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Review your current coverage
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Learn how your current plan may look different for 2016
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Review your drug coverage
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learn about and Compare your options!
The Medicare Open Enrollment Period is when anyone that is eligible for Medicare can either enroll in or switch their Medicare plans. This is the time when you can learn about the various Medicare Advantage plans (Medicare Part C) and Medicare Prescription Drug plans (Medicare Part D) that are available in your area for 2016.
First you will want to know what you currently have. This way, you can identify your plan by name. When you enrolled in the plan,they would have sent you an “Evidence of Coverage” book. This includes things such as the “Summary of Benefits”. If you cannot find yours, then you can either go to Medicare.gov, or go to your existing plan’s website. Know what your plan looks like, so you can have a clear picture, when discussing your future options.
Second, if you have a Medicare Advantage or a Medicare Part D plan, then you should have received your Annual Notice of Change (ANOC) in the mail. This form describes the changes to your current plan for the upcoming year. You’ll learn about:
- Any changes to your monthly premium
- Any changes to the copay or coinsurance from the current year
- Have the deductibles changed?
- Are there changes regarding your medications
- If you have a medicare Advantage plan, then you will want to know if there is any change to your network of doctors or service providers
Third, you will want to review your medications and check them against your plan. This is when you will want your medications in front of you, so that you can make a list. Make sure that you have:
- The correct spelling of your medication
- and know if you are willing to substitute generic, when available
- the form of the medication
- tablets (typically solid and round)
- caplets (typically solid and oval)
- capsules (oval caps that are filled)
- cream (typically white)
- lotion
- gel
- The strength of the medication (ie 10mg, 88mcg, 1ml, 1% etc)
- How do you typically FILL your medication?
- Since insurance companies negotiate pricing with the various pharmacy chains, it is important to know that you may be able to SAVE money by selecting a different pharmacy. You may find that selecting a Preferred Network Pharmacy, allows you to save money on your prescription drug costs.
Finally, compare your options! If you have a Medicare Supplement and wish to keep it, then that may simply mean comparing the various Part D plans available. If you have a Medicare Advantage plan, then compare your plan, to the others that are available. Again, another great use of Medicare.gov. What I have found is that when you put your medications into Medicare.gov, that you can see how your current plan looks in 2016 and how it compares to the other options based on your medication needs.
Keep in mind that you will want to consider your doctors and specialists as you may find that while your doctor accepts ONE Medicare Advantage plan,that they may not accept the other one that you found on Medicare.gov. This is when you will want to sit down with someone and talk about your options. Keep in mind, that whatever plan you select and enroll in LAST before December 7th, will be the plan that begins Jan 1st, upon acceptance by the plan.
Sounds like a lot of confusion?
Then perhaps what you need is to simply talk to someone about your options. As always, I can be reached at 408-982-7358 or by email lance@lhisins.com