Renewing Medicare this year? It's easy to let your current plan renew automatically. But before you do, take a few minutes to review your coverage.
Why? Medicare plans can change from year to year. And so can your health, prescriptions and budget.
Before letting your current plan renew automatically, here are five key questions to ask before making your decision. A quick review could help you compare premiums, prescription drug coverage, provider networks and other changes that could affect your plan in the coming year.
Let's get started.
1. Have your healthcare needs or costs changed?
The Medicare plan you chose may have been the right fit when you enrolled. But life doesn't stand still.
Maybe you've started taking a new prescription medication, developed a chronic health condition or begun seeing a specialist. Even a change in your monthly budget could affect the type of Medicare coverage that makes the most sense for you.
Even one change could be a good reason to review your current Medicare plan. Start by reviewing what's changed with your health and your healthcare costs since you enrolled.
Your health
- New prescription medications
- New doctors or specialists
Your plan & costs
- Monthly premium
- Deductible and copayments
- Annual out-of-pocket maximum
- Expected prescription drug costs
- Changes to your monthly budget
2. Are your doctors, hospitals and prescriptions still covered?
One of the biggest reasons people compare Medicare plans each year is to keep seeing the doctors and specialists they know and trust. Before renewing your current plan, make sure the healthcare providers, hospitals and pharmacies you rely on are still covered.
If you're enrolled in a Medicare Advantage plan, confirm that your doctors, specialists and hospitals remain in-network. If you have Original Medicare, check that your providers still accept Medicare. If you have a standalone Part D plan, review your prescription drug coverage.
Start by reviewing the healthcare providers and prescription drug coverage that matter most to you.
Your healthcare providers
- Primary care doctor
- Specialists
- Preferred hospital
- Preferred pharmacy
Your prescriptions
- Current medications
- Drug formulary
- Prescription drug tiers
3. What changed in your Medicare plan?
Even if your healthcare needs stay the same, your Medicare plan may not.
Most Medicare Advantage and Part D plans make changes from year to year. That's why members receive an Annual Notice of Change (ANOC) before the Annual Enrollment Period.1
Review it carefully before deciding whether to keep your current plan. Your ANOC outlines changes that could affect what you pay, the prescription drugs your plan covers, the providers in your network and any extra benefits included with your plan.
If you misplaced your ANOC or never received it, contact your plan to request another copy or visit your plan's website or call the customer service number on the back of your member ID card before making your enrollment decision.
Start by reviewing these changes in your ANOC.
Your plan & costs
- Monthly premium
- Deductible
- Copayments
- Annual out-of-pocket maximum
Your coverage & benefits
- Provider network
- Prescription drug coverage
- Extra benefits
- Other plan changes
4. Could another Medicare plan be a better fit?
After reviewing your current plan, you may decide it still meets your needs. Or you may discover it's worth comparing other Medicare plans available in your area.2 Cost matters, but it isn't the only thing to consider.
As you compare plans, consider factors such as monthly premiums, out-of-pocket costs, extra benefits and overall quality.
Medicare assigns Star Ratings to Medicare Advantage and Part D plans based on factors such as quality of care, customer service and member satisfaction.3 While a Star Rating shouldn't be the only factor in your decision, it can be another useful way to compare plans.
Start by comparing your current plan with other Medicare options available where you live.
Your plan's quality
- Medicare Star Rating
- Customer service
- Quality of care
Your plan's value
- Extra benefits
- Out-of-pocket costs
- How well the plan fits your healthcare needs
5. Should you renew your current Medicare plan?
If your current Medicare plan still meets your healthcare needs and budget, renewing it may be the right choice.
But if your health, prescription drug coverage, healthcare providers or plan benefits have changed, it may be worth comparing other Medicare options during the Annual Enrollment Period before making your decision.4
Before you renew, make sure you've...
- Reviewed your healthcare needs
- Confirmed your doctors and hospitals are still covered
- Reviewed your Annual Notice of Change (ANOC)
- Compared other available Medicare plans
- Confirmed your current plan still meets your healthcare needs
Need help renewing Medicare or choosing a different plan?
Renewing your current Medicare plan may be the right choice. But if you're unsure, a licensed HealthMarkets insurance agent can help you review your options before making your decision and:
- Review your current coverage
- Explain your plan changes
- Help you compare Medicare plans available in your area
Whether you decide to keep your current plan or enroll in a new one, you'll have the information you need to make a confident decision.
Ready to get started? Call a licensed HealthMarkets insurance agent today at 866-892-7324.
