It comes like clockwork every Fall. As anyone over age 65 knows, we are now at the beginning of Open Enrollment season for Medicare. As we’ve noted in prior agebuzz posts, this is the time of year (from Oct. 15th – December 7th) that Medicare enrollees have the opportunity to review and reconsider their current Medicare coverage, especially in light of changing personal circumstances and, this year, in light of changes brought about by the coronavirus. So, if you’re on a traditional Medicare plan (with perhaps a Medigap supplemental policy) and are curious about whether to switch to a Medicare Advantage plan or vice versa, now is the time to ask questions and make your selections. If you do nothing, you will continue to stay on your current plan, though it is possible that the plan may implement changes that will affect your coverage.

First, just to clarify. For those not yet on Medicare, but perhaps approaching your 65th birthday your Initial Enrollment Opportunity comes in the few months preceding and following your 65th birthday (with a Special Enrollment Period under certain circumstances, such as loss of employer insurance). The timing is important to understand, given potential penalties if you don’t sign up in a timely manner. And the choices available, including traditional Medicare, Medigap supplemental policies, Medicare Prescriptions Drug policies, and Medicare Advantage policies, are complex and multi-faceted. The right policy (or policies) for you very much depends on your unique situation, and each year there’s an option to adjust if your circumstances change. To better understand the lay of the land, click here to peruse the Medicare.gov website and click here to access Medicare Interactive, an unbiased and comprehensive website about all aspects of Medicare and the coverage choices available.

So how to approach Open Enrollment this year? First, let’s dispel a few myths: Just because you don’t want to make any changes to your coverage doesn’t mean changes won’t happen- so check to see what your current plan will offer in 2021. Also, if you’re late to the game, you can’t fix it- at least not for another year (though you will be able to re-think your Medicare Advantage plan from January-March). As well, this year you’re unlikely to sit down with a consumer advocate or insurance broker, given the social distancing we’re practicing. So, you need to be aware of online sources of help. One of the best? Your State Health Insurance Assistance Program (SHIP) should be able to handle virtually any question you may have concerning traditional Medicare, Medigap policies, Prescription Drug policies, and Medicare Advantage programs. So pull out your list of questions and click here. 

And there are plenty of other resources with tips and suggestions as you wind your way through the myriad options. The Medicare website itself reviews and compares the range of options. Next Avenue has a useful list of 8 recommendations you should consider (with helpful links and resources) to help guide you through the selection process. And AARP also has helpful advice, especially as you may be considering expanded coverage availability for telemedicine or some of the non-medical perks from Advantage programs, such as transportation to medical appointments or safety improvements for your home. And speaking of Advantage plans, those can present some of the most vexing, and potentially valuable, opportunities if you’re thinking about changing coverage. Whether such a plan will meet your needs, or leave you hanging, depends on your current health, projected needs, and how flexible your budget is. There are some basic concerns you need to consider before signing on, including questions about premiums, out-of-pocket expenses, medications covered, and network limitations. Depending upon the answers, signing on to an Advantage Plan could either be a risky proposition or a wallet-relieving remedy. For more insights into the Medicare Advantage selection process, pull out your Medicare card and click here.