Why You May Want To Change Plans During Open Enrollment
If you are relatively new to Medicare, you may soon be experiencing your first open enrollment season. Open enrollment usually goes from the middle of October to the end of the first week in December. This six-week period is a time each year when you can change your Medicare Advantage plan with no penalties or additional costs. There are several reasons why you may want to change your plan, including but not limited to the following.
Get Coverage
Depending on what has changed for you in the last year, you may need to find a plan that has additional coverage for your needs. For example, you may have been diagnosed with an illness that requires a specialist who is not covered by your current plan. You may also be experiencing a lapse in coverage for certain medications that you now require. Open enrollment allows you the flexibility to overcome both of these situations. When looking for a new plan during open enrollment, make sure to check the drug formulary for your current medications, as well as reach out to your physicians to make sure they accept the new plan.
Lower Your Premium
If anything has changed in your financial situation, you may need to switch plans due to the cost factor. If you are currently signed up for a plan that is a bit more pricey, you could potentially get a more basic plan and lower your monthly premium. As previously mentioned, make sure that you still have all the coverage you need. If you lose coverage to save money, you will ultimately be paying more money in the long run as you pay out of pocket for your medical needs.
Try A New Company
Each insurance agency that offers advantage plans is different. Each offers specific perks such as an on-call nurse who accepts phone calls with medical questions, or specific pharmacy savings. If you feel that you may want to try the perks of a new company, it is totally appropriate to switch plans. Each advantage plan offers you new and exciting services that can really come in handy when you need them.
In conclusion, every advantage plan provider understands that open enrollment is a time when they will both gain and lose several customers. What you need to worry about is whether or not you have sufficient coverage for the next year. Also, keep in mind that even if you are not going to switch plans, you may want to just check your coverage to see if the new year's plan is changing at all. Good luck with open enrollment!
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