Medicare Open Enrollment: 3 Signs You Need to Switch Your Plan

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With Medicare Open Enrollment running until December 7, this is the perfect time for you and your loved ones to look over your current Medicare Plans and see if you could do better!  This period of time is usually the one chance seniors have to change their health insurance coverage options, including their prescription drug coverage.

Does your plan have any red flags? You can’t afford to miss out on the chance to make a change if your current coverage isn’t the right fit. Here are three signs that may be the case and that you should explore your options.

Red Flag #1- You’re spending too much out-of-pocket.

Do you feel as if you are spending too much on medical bills? Coverage can vary from one plan to another because Medicare coming with 20 percent coinsurance costs on most outpatient services, while some Medicare Advantage plans require less out-of-pocket spending. If you’re currently spending a lot of your money on medical services, it may be worth paying higher premiums for a more comprehensive plan.

It might sound backward, but for many seniors, buying more coverage is the smarter move not just because a plan that provides broader coverage reduces out-of-pocket expenses, but also because it makes your expenditures more predictable. You can easily plan for higher premiums in your monthly budget, but it may be more difficult to cover unexpected and substantial medical bills on a fixed income.

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Red Flag #2- Your health status has changed since last year.

Unfortunately, a part of getting old comes with a higher risk of health issues. If you’ve developed new chronic conditions or an acute health issue since last year, it may be worth shopping for an insurance plan that’s better suited to your current health status. A different prescription drug plan, for example, may make it cheaper to purchase supplies if you’ve been diagnosed with diabetes during the course of the year.

Much like a financial budget, you’ll want to carefully review your current coverage of any new health issues and compare that with what other plans are offering to make sure your coverage is best suited to your current medical needs.

Red Flag #3- Your preferred doctor or pharmacy no longer accepts your plan.

It is always inconvenient and frustrating when your doctor no longer accepts your health insurance, but not all doctors accept Medicare or the various Medicare Advantage plans. If you don’t have a convenient pharmacy close by that takes your prescription drug plan, or if your preferred medical provider is no longer willing to accept your current coverage, a switch to a different policy could be your best bet.

You can’t always assume your current plan will remain the same from one year to the next, either, as it’s possible networks or coverage options could change. Your insurer should send you an Evidence of Coverage (EOC) document as well as an Annual Notice of Change alerting you to anything that may be different about your plan going forward so you can make a fully-informed choice.

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With healthcare counting as a major expense for most seniors, you can’t afford to waste the opportunity to make sure your coverage is aligned with your needs. So, if any of these three situations sounds like yours, start your search for the best Medicare coverage plan with us today. Overwhelmed with the details of switching Medicare plans? Don’t worry! We have you covered.

Cigna

Find a Medicare Plan Near You!

Speak to a licensed broker who can help you look for plans.

Cigna

Find a Medicare Plan Near You!

Speak to a licensed broker who can help you look for plans.

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