If your Medicare plan served you well this year, you may assume there is no reason to review your coverage. However, your plan’s costs and benefits may change for the coming year. Reviewing your Medicare coverage during annual enrollment can help you understand those changes and determine whether another plan offers better benefits.
Medicare Plans Change From One Year to the Next
Medicare Part D prescription drug plans and Medicare Advantage plans can change each year. Those changes may affect your:
- Premium
- Formulary, or list of covered medications
- Deductible
- Copays
- Plan terms
Your insurance company will send you information about these changes, but it is your responsibility to understand how they affect your coverage. Even if your plan worked well this year, it may work differently beginning January 1.
Annual Enrollment Lets You Compare Medicare Plans
Your current plan may have changed its benefits, while another insurance company may have improved its coverage for the coming year. Reviewing your options allows you to compare those changes and determine whether another plan may better meet your needs.
A Medicare plan review can be completed over the phone, during an in-person meeting, or by email. The important thing is to check your coverage rather than assuming that the plan will remain the same.
Help Your Aging Parent Review Their Medicare Coverage
Adult children of aging parents can also help their parents review their Medicare coverage. Your parents may feel confident that the plan is under control because it has served them well in the past. However, they may not realize what has changed or understand how those changes could affect them.
You can participate in the review directly or contact an insurance agent to learn more about your parent’s options.
Review Your Medicare Plan With an MBhealth Agent
An MBhealth agent can help you understand changes to your Medicare plan and compare your options for the coming year. To schedule a review for yourself or a parent, call MBhealth at (314) 544-5400 or visit mbhealth.com.
