Your Medicare Annual Notice of Coverage should arrive in your mailbox by the end of September. The letter will detail any changes in your existing plan for next year. It is important to read the information carefully so you can make wise choices during the Open Enrollment Period, October 15 – December 7. Open enrollment is when you can switch from Medicare Advantage to regular Medicare and vice versa, and/or join, drop or switch Medicare D plans. Any changes you make to your coverage will go into effect January 1, 2027.
Few of us relish combing through the details of the coverage letter. That is probably one reason a Kaiser Family Foundation study found that in 2021, seven in ten Medicare beneficiaries never compared their coverage choices. But you ignore the letter at your peril. Next year you could discover that your preferred doctors are no longer in your network, or that your prescription drugs are no longer covered by your plan, or co-pays are substantially higher.
With the cost of health care for a couple retiring today estimated at $345,000, it’s smart to spend some time and energy figuring out the best and most cost-effective plan for your needs.
Two Top Priority Items
When you receive your Annual Notice of Coverage, the top priority items to examine are:
- If you have a Medicare Advantage plan, check if your current health care providers will still be in network next year. Here is a tip: When you check the information on the Medicare website, be aware that the information is not always up-to-date. Therefore, if there is a doctor you absolutely want to keep, call the doctor’s office directly to check if he/she will remain affiliated with your plan next year. If the doctor will no longer be covered by your existing plan, find out what plan he/she will be affiliated with in 2027, and consider switching plans.
- Review your current prescription medications and associated co-pays. Make a list of them and the dosages, too. Determine if they will remain covered by your current plan in 2027, and check any changes in associated costs. Switching to a different D plan or Medicare Advantage Plan may be advantageous.
Getting Help
- The Medicare website has a comparison tool for plans. The website gets updated October 15. Find it here. The phone number is 800-633-4227. TTY users call 1-877-486-2048.
- Every state has a health insurance assistance program (SHIP). You can find local offices in Florida as well as outside Florida here.
- The National Committee on Quality Insurance provides general ratings for plans. Check it out here.
- More general information about Medicare Open Enrollment may be found here.
Beware: Open Enrollment Season Is Scam Season
You will probably be deluged with solictations and see countless TV ads hawking various plans during the open enrollment period. Stay vigilant: open enrollment is a golden opportunity for fraudsters. You may get calls, texts and emails designed to pry personal information from you. If you do not recognize a number or an email address, don’t answer the call, and don’t click.
Here’s to your good health!
