In this class, we explored key factors to consider when deciding whether to retain your current Medicare coverage or switch to a new plan, especially during the Medicare Annual Election Period (October 15th to December 7th). We discussed how your budget, health needs, and annual notices of change play essential roles in making the best choice for your healthcare.

Key Takeaways and Next Steps:

Review Your Annual Notice of Change (ANOC)

This document, sent out every September, details any changes to your Medicare Advantage or Prescription Drug Plan. Always review this to ensure your plan still meets your needs.

Evaluate Your Budget

Check whether your premiums, particularly for Medigap or Prescription Drug Plans, have increased. If affordability becomes an issue, explore Medicare Advantage Plans as a cost-effective alternative.

Assess Prescription Drug Coverage

Don’t overlook changes in your drug plan. A low premium this year may increase significantly next year, or your medications may no longer be covered. This is the time to switch if necessary.

Check Plan Benefits and Network Providers

For Medicare Advantage users, ensure your preferred doctors and healthcare providers still accept your plan. Also, evaluate whether benefits like dental or physical therapy align with your current needs.

Avoid Unnecessary Changes

Make changes only when there are tangible benefits for you, such as better coverage or cost savings. Don't be swayed by commercials or friends' recommendations without doing your research.