If you are reading this post and you have been on some type of a Medicare plan for several years, then this information could be very important to your bank account. It will not be true in all cases, but it is possible that if you have not had a review of your health insurance coverage in the past several years, you might be pleasantly surprised to find out that there could be another very good insurance company offering the very same of very similar coverage that you have now at less expensive price that you are currently paying. Worth taking a look at . . .
Can You Save Money by Switching Medicare Plans?
As a Medicare beneficiary, there may be many reasons why you may not take the time to compare or switch Medicare plans. You might think it’s too much work to research and change Medicare plans. You may not even realize how much you could save by switching. However, a recent study by eHealth, Inc., shows that a majority of Medicare beneficiaries enrolled in a Medicare plan with prescription drug coverage could be overpaying.
Switching Medicare plans could save you money
According to a study by eHealth, Inc., only 10% of those enrolled in a Medicare plan with prescription drug coverage were enrolled in a plan that covered their medications at the lowest cost.
The research found that those with a stand-alone Medicare Prescription Drug Plan could have potentially saved an average of $486 per year by switching to a different Medicare plan. Potential savings were even greater for those enrolled in a Medicare Advantage Prescription Drug plan: these beneficiaries could have potentially saved an average of $807 per year by switching to another Medicare Advantage plan with more optimal prescription drug coverage.
Why you should compare Medicare plans every year
The truth is that not taking the time to compare Medicare plan options could mean paying more in the long run. If you’re enrolled in Original Medicare, coverage and costs may change annually, including expenses like premiums, copayments, coinsurance, and deductibles. If you’re enrolled in a Medicare plan, such as a Medicare Advantage plan or Medicare Prescription Drug Plan, these types of costs may also change from year to year. In addition, Medicare plans may make changes to formularies, provider networks, pharmacy networks, or services you use frequently that could greatly impact your out-of-pocket costs.
If you’re enrolled in a Medicare plan, your plan will send two important documents every fall that you should review carefully: the Evidence of Coverage (EOC) and Annual Notice of Change (ANOC).
-
- The EOC goes over your Medicare plan’s current coverage and cost information
-
- The ANOC goes over any changes set to go in effect for the following year
If you don’t get these notices by the end of September, contact your Medicare plan. Please note that if your Medicare plan makes changes to its formulary or provider network during the year, the plan will notify you if necessary.
Taking the time to carefully look over these two documents and make changes, if needed, could save you money. For example, if a doctor you use frequently is no longer part of your plan’s provider network, your Medicare plan may no longer cover your office visits. Or, if your Medicare plan increases the copayment for several of the medications you take regularly, your prescription drug costs could quickly skyrocket.
When can I switch Medicare plans?
If you’re thinking of changing Medicare plans, the best time to do so is during the Annual Election Period, which occurs every year from October 15 to December 7. This is your yearly opportunity to take stock of your prescription drug coverage and make sure your current Medicare plan is still working for you in terms of cost and coverage. Outside of the Annual Election Period, you usually can only make changes to your Medicare plan in specific situations.
This information is not a complete description of benefits. Contact the plan for more information. Limitations, copayments, and restrictions may apply. Benefits, premiums and/or copayments/co-insurance may change on January 1 of each year.
The product and service descriptions, if any, provided on these Medicare.com Web pages are not intended to constitute offers to sell or solicitations in connection with any product or service. All products are not available in all areas and are subject to applicable laws, rules, and regulations.
Article Source: Medicare.com
If you have any questions about this subject or would like to speak to us about any of your Medicare needs in regards to Medicare supplement, Medicare Advantage or Part D prescription drug plans, I would certainly be very happy to speak with you.
I am an independent agent specializing in the senior market. I would be very happy to look at your current coverage and compare it to the marketplace to make sure that you are still getting a good value. My services to you will always be FREE.
Billy Williams
800-499-1942
MedicareHealthInsuranceOptions.com
