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Medicare fall enrollment is now in full swing until early December. If you are a current beneficiary, you have the option to change your coverage for the coming year.
Many seniors opt for Medicare Advantage plans as an alternative to the original Medicare. If this is the route you’ve taken, you may not want to stick with your current plan for 2022. In fact, here are some signs that a change may be needed.
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1. Your premiums are high
When you sign up for the original health insurance, a standard Part B premium applies to all registrants except high earners, who are subject to a supplement. But the premium you pay for Medicare Advantage will depend on the specific plan you select. And if you’re paying a lot right now, it might pay off to make a change.
The Centers for Medicare & Medicaid Services estimate that the average Medicare Advantage premium in 2022 will be $ 19 per month. That’s actually a drop from $ 21.22 per month in 2021. If you’re paying a lot more than that, you might want to consider purchasing a new plan.
2. Your health care needs have changed
Whenever your healthcare needs change, it’s a good idea to evaluate your coverage and make sure it is working for you. The advantage of Medicare Advantage is that many plans offer additional benefits that could help address a multitude of medical conditions. And if your current plan isn’t offering the ones you want or need, then it’s a good idea to look at other options.
Suppose you have been diagnosed with diabetes. Based on this, you may be eligible for certain benefits under a new Advantage plan, such as meal delivery. In this case, a switch would make sense.
3. It was difficult to find networked suppliers
When you subscribe to a Medicare Advantage plan, you are limited to a specific network of providers. Going out of the network could make you responsible for significant costs that you cannot easily cover.
If you’re having trouble accessing doctors or pharmacies in your network, it may be time to switch to a new Advantage plan. A different plan might give you more choices or more convenient choices.
4. You are charged a fortune for your medications
The cost of your medications will depend on the coverage offered by your Advantage plan. If you’re paying a lot of money for the prescriptions you take, see if another Advantage plan will charge them less.
Time to move on?
There are many good reasons to enroll in a Medicare Advantage plan rather than the original Medicare. But if these things apply to you, it might be time to trade in your current Advantage plan for a new one.
Any changes you make during fall open enrollment will take effect in early 2022. But here’s some good news – if you select an Advantage plan that you end up disliking, you’ll have the option to opt in. give up and find another. between January 1 and March 31. You can even enroll in original Medicare during this time if you are completely fed up with Medicare Advantage.
Still, it’s worth doing a lot of research over the next few weeks. A little bit of effort on your part could make your healthcare costs a lot more manageable over the coming year.
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