If you want to compare Medicare plans before open enrollment, knowing what to look for can make the process much easier. Medicare plans, costs, provider networks and prescription drug coverage can change from year to year, and your healthcare needs may change too.
Taking time to review your current coverage and understand your options can help you feel more confident when Medicare Open Enrollment begins.
Medicare Open Enrollment runs from October 15 through December 7 each year. During this period, people with Medicare can make changes to their Medicare Advantage and prescription drug coverage for the following year.
Before you compare Medicare plans before open enrollment, start by reviewing the coverage you already have.
If you’re enrolled in a Medicare Advantage or Medicare prescription drug plan, review your plan’s Annual Notice of Change (ANOC) and other plan materials. These documents explain changes that may affect your coverage in the coming year.
Pay attention to changes involving:
Even if you’ve been happy with your current plan, reviewing it each year can help you identify changes that could affect your healthcare or costs.
The lowest-cost plan isn’t necessarily the best fit for everyone. Think about how you currently use your healthcare and what you may need in the coming year.
Consider your doctors and specialists, prescription medications, preferred pharmacies and how frequently you receive medical care. You may also want to consider whether benefits such as dental, vision or hearing coverage are important to you.
Your needs can change from one year to the next. That’s one reason it’s important to compare Medicare plans before open enrollment instead of automatically keeping the same coverage each year.
A low monthly premium can be appealing, but it doesn’t tell you the full story.
When comparing Medicare plans, consider the overall costs you could be responsible for throughout the year, including:
Looking beyond the monthly premium can give you a clearer picture of what different plans may actually cost based on your healthcare needs.
Provider access can be an important difference between Medicare coverage options.
With Original Medicare, you can generally visit any doctor or hospital in the United States that accepts Medicare. Medicare Advantage plans may use provider networks, meaning your costs or coverage can depend on whether a provider participates in your plan’s network.
As you compare Medicare plans before open enrollment, check whether your preferred doctors, specialists and hospitals participate in each plan you’re considering.
If you take prescription medications, don’t overlook the details of a plan’s drug coverage.
Check whether each medication you take is included on the plan’s formulary, what tier it falls under and what your estimated costs may be. You should also check whether your preferred pharmacy participates in the plan’s network and whether another pharmacy could offer lower costs.
Medicare’s Plan Compare tool allows you to enter your prescriptions and preferred pharmacies to help estimate costs under available plans.
Understanding the two main ways to receive Medicare coverage can make it easier to compare Medicare plans before open enrollment.
Original Medicare includes Part A and Part B. You can also add a separate Part D prescription drug plan and may be able to purchase Medicare Supplement Insurance, or Medigap, to help with certain out-of-pocket costs.
Medicare Advantage, or Part C, is offered through Medicare-approved private insurance companies. These plans provide Part A and Part B coverage, and most include Part D prescription drug coverage. Many plans also offer additional benefits not covered by Original Medicare.
The right option depends on your healthcare needs, budget, preferred providers and other personal circumstances.
If you’re approaching Medicare eligibility while still receiving health insurance through work, deciding between the two can add another layer to the process. Learn more in our guide, Medicare vs. Employer Coverage: What You Should Know at 65.
Once you’ve identified what’s most important to you, compare your available options side by side.
Medicare.gov’s Plan Compare tool can help you review Medicare Advantage and Part D plans available in your area. You can compare estimated costs, prescription drug coverage and other plan details.
When you compare Medicare plans before open enrollment, use the same criteria for each option. Looking at costs, providers, prescriptions and coverage together can make it easier to understand which plans may fit your individual needs.
You don’t have to wait until October 15 to start preparing. Gathering your medication list, reviewing your current coverage and identifying your healthcare priorities ahead of time can make the enrollment process easier.
Taking the time to compare Medicare plans before open enrollment can also help you avoid feeling rushed when it’s time to make a decision. Once information for the upcoming plan year becomes available, you’ll be better prepared to review your options and make an informed choice.
Medicare decisions can be complicated, and you don’t have to navigate them alone. Bene-Care’s Medicare team can help you understand your options and find coverage that fits your individual needs.
Have questions about your Medicare coverage? Contact Bene-Care to speak with a member of our Medicare team.
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