The Medicare season is in full swing, and the reminders are everywhere. I’m sure you are seeing plenty of television ads, and you’ve probably gotten a few phone calls, too. With all the noise and information coming at you, it can be tempting to tune it out completely.
Today, I want to break things down according to your current coverage and touch on a few very important points you can’t afford to miss.
Medicare Advantage (Part C) Policyholders: Two major carriers have discontinued their Advantage Plans this year, creating some major waves. Those affected MUST find something new. If your plan was discontinued and you do nothing, you will automatically be moved back to Original Medicare (Part A & B). For folks whose plans have not been discontinued, make sure your doctors are still in-network and your drugs are covered. It’s important to review the ANOC (annual notice of change) you’ll receive by mail. This notice compares your coverage between 2024 and 2025. Premiums, deductibles, tiers, and co-insurance are all subject to change. Although your plan will automatically roll over, you must ensure it will work properly for you in the new year. You might need to switch to a different Advantage Plan if your doctor no longer accepts your current plan or if you notice your prescriptions are no longer covered.
Also, some of you may want to move back to Original Medicare with a Supplement. This move requires an application that goes through medical underwriting (a series of health questions). Before you make any changes to your current plan, make sure you have approval on the Supplement. Once you have that approval, secure an RX plan, which will automatically remove you from your Advantage Plan for 2025. If you have any questions about this process, I’m happy to talk you through it.
Medicare Supplement Policyholders: Medicare’s Annual Enrollment Period (AEP) is not really intended for Medicare Supplement policyholders. There is no need to renew these plans; they will simply roll over with no change in coverage. The premium may increase, which is normal. You can change a Supplement any time during the year, but you must pass underwriting to do it. The only reason most folks change Supplements is to save money. If you have a Medicare Supplement, this open enrollment period is time to focus on your RX plan, which will change. Review your current plan to ensure it is sufficient for 2025. An Annual Notice of Change will also be mailed out for this plan. Some RX plans are being “cross-walked” to different plans for next year. This means your premium could jump, and if you’re not paying attention, you may realize after it is too late! You have until December 7th to make changes to your RX plan, and you can do that on the Medicare website.
Original Medicare Only: You can enroll in an Advantage Plan or apply to enroll in a Medicare Supplement. If you have not been on drug coverage and you sign up for an Advantage Plan or a drug plan, there is potential for some penalty.
Our team is passionate about helping ensure seniors are enrolled in the plan best suited to their individual needs. If you have any concerns about your coverage, please call us at 800-750-2407 or visit us here or at 2604 Long Prairie Road, Suite 100 in Flower Mound.
God bless you and your family.
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