Things to Consider When Changing Medicare Coverage

March 16, 2023

Regardless of your coverage type, Medicare gives beneficiaries opportunities every year to change coverage to adjust to their ever-changing needs. The biggest time for changing Medicare coverage is the Annual Enrollment Period or AEP. Every year, from October 15th to December 7th, you can switch up your Medicare coverage and join, change, or drop your Medicare Advantage (Part C) or Medicare Part D Prescription Drug Plan. When you start thinking about wanting to change your coverage, there are a few things to consider.

Costs of Medicare Coverage

When changing your Medicare coverage, one of your main concerns may be “Will my costs change with my new Medicare plan?” Make sure to compare what you currently pay in premiums and deductibles, how much an unexpected hospital stay might be, or what you will pay out of pocket to what you are estimated to pay with any coverage you consider switching to.

Original Medicare has no out-of-pocket limits unless you have a Medicare Supplement. However, most Medicare Advantage (Part C) plans provide a yearly limit for out-of-pocket costs. 

If you have an illness or medical problem that requires you to take a lot of prescription medication, it’s important to understand the costs of the prescriptions you take associated with your Medicare Part D Prescription Drug Plan.  You will want to evaluate and compare formularies and Medicare Part D Prescription Drug Plan costs when choosing a new plan.

 Other Coverage

It’s important to also look at how enrolling in or changing your Medicare coverage is how it may interact with any other coverage you may have, such as retiree insurance or employer-sponsored coverage.

Prescription Drug Coverage

For prescription drug coverage, it’s important to evaluate the plan’s star rating, formulary, and coverage rules. Make sure you compare it against your current Medicare Part D Prescription Drug Plan and ensure the medications you need are covered at a cost you can afford.

Hospital Choice, Doctors, and Travel

If you choose a Medicare Advantage plan, the network of doctors and hospitals that accept your plan is a very important thing to consider. This can affect the quality and timing of the care you receive. It’s also important to look at if doctors in a new plan are accepting new patients (if

If you are enrolled in a Medicare Supplement alongside Orignal Medicare, you can see any provider that accepts Medicare.  Care received when traveling outside the United States is not covered by Original Medicare. If you travel abroad, you may want to consider a Medicare Supplement that covers emergency care when abroad. You also may want to consider a Medicare Supplement if you travel in the US, as you can see all providers who take Medicare and are not restricted to a network.

Whether you are looking to change your Medicare plan to find coverage that will best fit your needs, or you are looking to review your current plan, Seniorstar group can help. Contact us today for a free, no-obligation coverage review.

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