As the fall approaches, it’s time to start thinking about Medicare open enrollment, which is officially six weeks away. Seniors have the opportunity to pick a new Medicare and Part D prescription plan from Oct. 15 to Dec. 7. You may also switch from a Medicare plan (Part A and Part B) to a private plan with Medicare Advantage.
While it may be tempting to automatically reenroll in your current Medicare plans, you could be missing out on hundreds of dollars in possible savings, according to a new CBNC report. Here’s what to know about the process.
With open enrollment approaching, there is no better time to review your current Medicare plans. Make a list of your doctors, specialists, prescriptions, hospitals—and how much you spent with each one. You should also jot down any unexpected costs you have encountered and review those expenses as you are comparing new Medicare plans.
This month, you will receive an “annual notice of change” in the mail that will include details about how your plan will change next year—including alterations to you coverage, co-payments, deductibles and monthly premiums. Carefully review these changes and consider how they may impact your out-of-pocket costs.