As the fall approaches, it’s time to start thinking about Medicare open enrollment, which is officially six weeks away. Seniors have the opportunity to pick a new Medicare and Part D prescription plan from Oct. 15 to Dec. 7. You may also switch from a Medicare plan (Part A and Part B) to a private plan with Medicare Advantage.
While it may be tempting to automatically reenroll in your current Medicare plans, you could be missing out on hundreds of dollars in possible savings, according to a new CBNC report. Here’s what to know about the process.
Review your current plans
With open enrollment approaching, there is no better time to review your current Medicare plans. Make a list of your doctors, specialists, prescriptions, hospitals—and how much you spent with each one. You should also jot down any unexpected costs you have encountered and review those expenses as you are comparing new Medicare plans.
This month, you will receive an “annual notice of change” in the mail that will include details about how your plan will change next year—including alterations to you coverage, co-payments, deductibles and monthly premiums. Carefully review these changes and consider how they may impact your out-of-pocket costs.
How to compare new plans
After reviewing your current plan, compare it to new ones. You can shop for new plans by zip code through the Medicare Plan Finder. Here’s a short video that explains how it works.
There are a couple new features in the Medicare Plan Finder this year, including a prescription drug list builder and more details for Medicare Advantage Plans (Part C). You can also learn more about your coverage options before you start comparing plans.
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Another option for Medicare plan shopping: State Health Insurance Assistance Programs, which may offer free local counseling to some enrollees.
Where to get financial assistance
If you’re struggling to afford your premiums or other Medicare expenses, there are four programs that could offer some assistance. These savings programs include:
Learn more and see if you’re eligible for these programs by calling your state Medicaid program.
There is one more Medicare assistance program—Extra Help—that could help folks with limited income pay for prescriptions, premiums, deductibles and co-insurance. This program may help defer costs of up to $5,000 per year, according to the Social Security Administration. You will either qualify automatically or apply online at SSA.gov.
Depending on where you live, there may also be a State Pharmaceutical Assistance Program (SPAP), which could help pay for prescriptions or Medicare Part D premiums. Search for your state here.
You can also look for other local assistance options through State Health Insurance Assistance Programs (SHIP).
