While the main enrollment period for Medicare might have ended, there’s still a chance for some retirees to tweak their coverage. The Medicare Advantage open enrollment kicks off on January 1 and wraps up on March 31.
Medicare Advantage plans are essentially competitors to original Medicare, but they’re offered by private insurance companies. These plans typically cover Medicare Parts A and B, and often Part D for drug coverage, along with a variety of other additional perks.
During this enrollment window, those already on a Medicare Advantage plan can switch to another or even revert to original Medicare.
For those eligible during this period, ignoring this opportunity might not be wise, according to Juliette Cubanski, deputy director at KFF. She warns, “Plans can shift quite a bit from year to year, and if people don’t compare what they currently have, they might be hit with unexpected costs.”
Make it a priority to review how your current Advantage plan has evolved. Rising drug prices or changes in your preferred doctor’s network are just a few changes that might impact you. Cubanski advises, “Take a close look now to prevent unpleasant surprises later. Make sure what you have will continue to suit your needs.”
Though there’s some criticism towards Medicare Advantage plans for denying necessary care, these plans do tend to offer benefits original Medicare doesn’t, like dental, vision, and hearing. Interestingly, a recent survey by The Commonwealth Fund shows that 83% of all Medicare beneficiaries value these extra benefits. Those on Medicare Advantage appreciate them even more, with 89% considering them crucial, versus 74% among people with traditional Medicare.
Gretchen Jacobson from The Commonwealth Fund points out that while these additional services are essential for many, those with traditional Medicare might miss out unless they buy a supplement plan or meet Medicaid criteria.
You don’t have to navigate these choices by yourself. State-based organizations, known as the State Health Insurance Program (SHIP), offer unbiased support in comparing plans, steering clear of any financial interest that insurance brokers or agents might have.
