Have Medicare? Be Sure To Do This Before December 7
During Medicare Open Enrollment, here are some things you should do.
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With the holidays right around the corner, your mind may be occupied with thinking about what gifts you’ll buy. But if you have Medicare, here’s what you should really be thinking of: Whether your healthcare plan fits your needs.
That’s what the Medicare Open Enrollment Period (OEP) is for. It lets Medicare recipients analyze their current plans and determine if they should make any changes for the coming year. Even if changes aren’t on your itinerary, you should still participate in the OEP by doing the following:
1. See how Medicare itself will change.
Your plan could have some changes in the works for 2021 that you should be aware of. We’ll discuss how to do that in a second. Right now, however, it’s worth noting that you should first know how Medicare itself will change in 2021.
One example of a significant change to Medicare in 2021 deals with end-stage renal disease (ESRD). In the past, people who suffered from this disease could not access a Medicare Advantage plan unless there was a special needs plan for it where they lived. In 2021, however, ESRD sufferers can get Medicare Advantage plans offered to seniors in their area.
If you suffer from ESRD, this Medicare-wide change could open up the doors for better plans to fit your needs.
To see how Medicare is shifting, visit this page from the National Council on Aging.
2. See how your Medicare plan will change.
Once you see how Medicare will differ in the coming year, it’s time to take a closer look at how your plan will change. Your Annual Notice of Change will reveal this information. After reviewing it, you can decide if any changes to costs or coverage make switching to a new plan worthwhile.
Even if you think there’s no way you could find a better Medicare plan for 2021, be sure to know what changes are in store for yours. For instance, if costs are expected to rise, knowing how they’ll increase can prevent any sticker shock down the line. It can also help you budget for the upcoming year, knowing that your healthcare costs are likely to rise.
3. Think of changes to your health in 2020.
For many, 2020 wasn’t a stellar year in terms of health. If you suddenly developed a chronic health condition, you may need extra coverage in 2021. And if you now have to take specific prescriptions, you may want to add a Part D plan to your coverage so you can reduce your out-of-pocket costs.
On a side note, if you contracted COVID-19, that should not affect your coverage. This is because COVID-19 hospitalizations, lab tests, and even a vaccine will be covered by Medicare, regardless of your plan.
4. Pick your new plan before it’s too late.
As mentioned, December 7 is your deadline to make any changes to your Medicare plan. If you don’t pick your new plan and enroll by that date, you’ll have to wait until the 2021 OEP, which comes next October.
Once you’re enrolled in your new plan, you can take advantage of its benefits starting in January.