Every year around this time, there’s the annual right of passage known as Medicare Open Enrollment. For those not yet on Medicare or without interest in the whole Medicare selection process, read no further. But for those of us on Medicare, new to Medicare, or with health conditions that are changing- or with plans that may be increasing their prices or dropping some coverage- this is an important time to take stock of what kind of coverage you need, what options are available and determine what makes the most sense for you. We try to remind you about this open enrollment period each year (this year it’s from Oct. 15 – December 7) but every year there are new factors to highlight that may affect your decision-making process. So let’s review and also see what’s new.

First, recognize that whatever coverage you elect, it will begin in January 2022. The official Medicare website has some useful information on coverage available in your area and opportunities to compare and contrast Medicare Advantage plans and Part D drug plans available to you. Probably the biggest change/concern of which you should be aware this year is the number of Medicare Advantage Plans with 4 star or better ratings. Just for some comparison: in 2020 (for selections for 2021), 49% of Advantage Plans offering drug coverage had 4 or more stars touting their quality. Now, for plans beginning in 2022, 70% of those Advantage Plans have 4 or more stars. What’s going on here? According to Axios, due to the pandemic, the grading system used by CMS this year was more lenient than previous years, making it easier for Advantage Plans to score higher on quality measures or work the system to their advantage. Of course, many plans are now touting these higher scores, but that’s no guarantee that you’ll get higher quality coverage or service. It’s still a buyer beware situation, so don’t get lured by gimmicks or publicity into a plan that may not match your needs or budget. Nationwide, in 2021, there were a total of over 3500 Medicare Advantage plans available to Medicare beneficiaries, with the average beneficiary having to choose between 33 different plans. That’s a lot to consider, so be careful and cautious during this selection process.

Many Medicare recipients do nothing during this period and just allow their current plan to continue. In fact, recent analysis from the Kaiser Family Foundation found that in 2018, 7 out of 10 Medicare recipients did not compare Medicare plans during the open enrollment period.  That’s truly unfortunate, as each year many plans adjust their premiums, co-pays, deductibles, or out-of-pocket limits, or change their drug coverage, which could affect your pocketbook or limit your covered medications. For many of us, comparing and contrasting plans and drug coverage is a Herculean task with no easy workarounds. If you’re looking for some support, you may want to consider a new player on the scene. The company is called Chapter and their goal is to optimize your decision-making process so you wind up with the best coverage to meet your needs and budget. Chapter has recently partnered with the National Council on Aging to give older consumers an optimal process for initially signing up for Medicare and rethinking choices during the Open Enrollment Process. So whether you’re in search of a better Advantage Plan, or drug plan, or thinking about heading back to the original Medicare coverage, the best advice is to do your homework, identify what’s most important to you and seek out help if you’re confused or concerned about the choices available. After all, your health is your wealth- so good coverage is essential.