It’s Open Enrollment season…have you looked at your Medicare Part D and Advantage plans to ensure they still work for you?
Each year, both Medicare Advantage and Part D plans make changes to their benefits, cost-sharing, provider networks and monthly premiums. That means the plan that best served you in 2016 may not be the best plan for you next year.
US News reports:
“According to a recent analysis by the Kaiser Family Foundation, roughly 8 in 10 people enrolled in a Part D or Medicare Advantage plan stick with the same policy from one year to the next. That may be the path of least resistance, but it’s probably not the cheapest. Last year, eHealthMedicare.com found that people willing to switch policies to one that offered better coverage for their particular drug regimen saved roughly $600 on prescription drug costs when they switched Part D plans. Savings jumped to more than $1,000 for those who changed their Medicare Advantage plans.”
We certainly understand why so many beneficiaries choose inertia rather than the tedious and often challenging task of comparing the various private insurance plans offered in Medicare Advantage and Part D. However, given that Americans 65 and older spend 12% (and more as they age) of their income on health care, it’s especially important that seniors take the time to ensure last year’s plans still meet their needs.
Open enrollment continues through Dec. 7. You’ve got a some time left so please take a look at your plans.