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While the main open subscription period for Medicare is from mid-October to early December each year, there is another open subscription period for individuals enrolled in Medicare Advantage plans, which extends from January 1 to March 31 of this year.
Medicare Advantage plans, sometimes referred to as Plan C, are popular with consumers because they are comprehensive, offer inexpensive premiums, and seem simpler than original Medicare. Some Advantage plans do not even charge premiums. Many also have personal limits, which allows health care consumers to manage the expected costs for the year. They are mandated to offer at least the same coverage as that provided by Medicare Part A (Hospital Insurance) and Part B (Medical Insurance). Many Medicare Advantage plans offer more, such as prescription coverage and options for dental coverage, vision and hearing coverage.
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Medicare Advantage plans can change
Medicare Advantage plans can change from one year to the next, both in terms of coverage and cost.
Offered by private insurers such as Blue Cross / Blue Shield and Aetna, these plans are regulated by the US government. Although they are required to comply with the coverage offered by Medicare in Parts A and B, the other aspects of Medicare Advantage plans vary.
For example, prescription drugs may fall off the form of your insurance policy (which means the Medicare Advantage plan will no longer pay for it). Maybe part of the coverage you receive, such as vision or dental care, is reduced or removed at the same time. Suppliers who have already been on the network may leave the network and if you continue to see them, you may have to assume the full cost of your visit and all the services you receive.
Revise your plan C every year
For this reason, if you are covered by a Medicare Advantage plan, it is extremely important to review your costs and coverage each year. Health care is essential for seniors and their costs are increasing dramatically. The second registration period is a good time to sit down, roll up your sleeves and determine if your plan still meets your needs.
First, review your coverage. Read the fine print. Look at your medical treatment for the past year. Have your health or needs changed in a way that means you need something new in 2019 that you did not need in 2018? If you have developed vision problems, vision insurance may be important to you. Have you been prescribed a new medicine? Then you have to make sure that the form is in your plan, otherwise you will pay for it. Are you satisfied with the providers in your network?
Then examine your costs. There is no substitute for compressing numbers, so take a pencil and paper. Medicare Advantage plans may seem like the least expensive option because premiums are often low. But it is essential to know that premiums do not represent all the costs of an insurance plan. You must total the amount you will pay for the share and out-of-pocket expenses. Do they seem reasonable or are they higher?
Third, revise your plan to make sure it always covers everything it did last year, as it is not guaranteed to stay the same. If you like your doctor and your local hospital, make sure that they are still in the network. Check that your prescription drugs are still on the form.
If you want to change parts of your Medicare Advantage plan, here are two things to know about the second period of open enrollment.
1. You can switch from one Medicare Advantage plan to another
If your current Medicare Advantage plan no longer meets your needs and budget, you can change it during the open subscription period from January 1 st to March 31 st. Review the coverage and costs of other plans in your area here. The Medicare system also offers a star rating system for Medicare Advantage plans. It would be interesting to consult also the ratings.
2. You can switch to original Medicare
If there is no Medicare Advantage plan to your liking, or if you decide that original Medicare is more advantageous, you can switch to original Medicare at this point. (If you are currently in the initial health insurance, the second period of registration does not suit you and you will have to wait until you can change your plan until the first registration period is open. , from October to early December.)
Participants in the original Medicare A and B plans pay premiums, co-payments and out-of-pocket expenses. If you opt for drug coverage in the original Medicare Plan D, you will also have to pay all these expenses for Plan D. Although costs higher than some Medicare Advantage plans, Original Medicare may better meet your needs. The provider's coverage can also be wider. With an original Medicare card, you can contact any health care professional, hospital or clinic that accepts it, while Medicare Advantage plans may have limited network options.
The current registration period is an opportunity to adjust your health plan to make sure it fits your current situation.
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