Medicare Open Enrollment

Written by Joel Bengds

We have certainly entered into a very important season of the year! We are being overwhelmed with signs on the side of the road, billboards, commercials, and even notices coming to the mailbox.

I am, of course, talking about the Medicare Open Enrollment period, which is from October 15th – December 7th.

This time of year can be very confusing to people who are not familiar with what needs to be accomplished now and what can wait until another time. Here is a short list of things that can only be done during Open Enrollment:

• Switch your Medicare Advantage Plan
• Switch from Medicare Advantage back to Original Medicare
• Join a Medicare Part D prescription drug plan
• Switch from one Part D plan to another
• Drop a Medicare Part D plan entirely (this is not common)

If you are completely satisfied with your Medicare coverage, then you do not need to act during this 2020 open enrollment period. However, it is recommended that you conduct a due diligence review by monitoring your Part D drug plan and making sure it is the best coverage for your prescription needs. There may be a better drug plan out there for your specific prescriptions, or you may need to switch pharmacies.

For a quick review of your drug plan, you can call 1-800 Medicare (1–800-633-4227). Typically, it takes 15 to 30 minutes to review your plan and find out if there is a better plan for you. The Medicare representative can also enroll you, if you wish, while you are on the phone with them. This is a good annual habit to complete each year.

If you are on a Medicare Advantage Plan, you may want to schedule a review with a Medicare professional. These plans are complicated, and it is best to have your unique situation reviewed by a professional who knows the details of the plans and who can act in your best interest. You might be able to switch to an Original Medicare plan and save money on future medical needs.

If you have an Original Medicare Supplement plan, you do not need to switch that plan during the Open Enrollment period. You can switch anytime during the year. Many people will use their annual renewal date as a time to review and consider switching to a new plan.

There is no doubt that Medicare is complex and confusing to tackle on your own. With so many rules, it is easy to make a mistake that could cost a lot of money in premiums and future medical costs. It is not uncommon to switch your Medicare coverage multiple times during your lifetime. Please know you are not alone in making these decisions, and if you would like to have your coverage reviewed please do not hesitate to contact us.