Medicare Open Enrollment has officially begun (on October 15), but many of you are still in the process of evaluating your healthcare plans. It’s a good thing they give us nearly two months to make a decision, because Medicare plans can be confusing! But don’t sweat it; here are five basic facts you need to know in order to get started.
Examine your plan’s formulary. This is the list of covered prescription medications, and obviously you want to make sure that any drugs you use regularly are on it. You might also check to see if your drugstore is on the list of preferred pharmacies (if your plan has this feature).
Don’t base your decision on premiums. You might feel tempted to switch plans based on the lowest premium offered. But keep in mind that deductibles, co-pays, and out-of-pocket maximums can also vary from one plan to another. Consider your overall healthcare costs before making a decision.
Your needs might have changed. Your current plan might have worked well for you in the past, but it might not keep up with your changing needs. If you begin to need additional services, such as eye or dental care, or your prescription drug needs change… Your plan might need to change, too.
Talk to your physician. Occasionally, a physician loses coverage under a particular Medicare plan. It’s unlikely that this will happen, but check with your their office to make sure you can continue to see your regular doctor. And of course, check to see if he or she is covered under any new plans you’re considering.
You can get help. You don’t have to make all of these comparisons on your own. Give us a call, and let’s get started right away.