If you receive Medicare benefits, it is important to review your plan annually to see if you may be able to save money. This is especially true if you are enrolled in a Medicare Advantage plan, as there many of these plans available and they change over time. Keep reading to find out why you need to reexamine your Medicare plan every year.
Why Should You Review Your Medicare Plan
After reviewing your current Medicare plan, you may notice a few things that could encourage you to switch plans. For example, if your current plan has higher premiums than you are comfortable paying, and you don’t have many health concerns, you may consider joining a high deductible, low premium plan. Similarly, if your plan doesn’t offer you access to the health care providers you wish to see, that may influence you to switch as well.
By reviewing your Medicare plan frequently, you can ensure that you aren’t missing out on any valuable benefits that could be available with a different plan. You are also making sure that you have the coverage you need, when you need it.
Review Your Plan to Lower Costs
When comparing Medicare plans, it’s important to look at more than just the monthly premium costs. Reading more about the cost-sharing expenses and out-of-pocket maximums could be helpful as well. If one plan offers lower coinsurance, copays, and deductibles, that may end up saving you money in the long term. To save money on your Medicare plan, the best thing to do is contact an insurance agent, as they will have the knowledge needed to help you organize your benefits in a way that optimizes your average spending.
Make Sure You Can See Your Preferred Providers
Sometimes providers may leave your plan’s network, leaving you unable to see them with your current coverage. If you don’t review your plan annually, one of your preferred providers may leave your plan’s network without you noticing. This means you won’t be able to see them again until you switch plans, which may not be possible if you missed the relevant enrollment period.
Buy Medigap Coverage
Reviewing your plan every year can also help you determine if it will be equitable to invest in a Medicare Supplement Insurance (Medigap) plan. If you see that your out-of-pocket costs with Medicare have been high, you can offset some of those expenses by purchasing Medigap coverage. These plans help pay for out-of-pocket expenses, like coinsurance, copayments, and deductibles for Part A and Part B.
Switch to Medicare Advantage
Maybe you are unhappy with the benefits you are receiving through Original Medicare or you’ve discovered that Medicare Advantage may be more affordable. Reviewing your plan will help you see what benefits you are missing, allowing you to choose a plan that offers you what you need. This is also important because Medicare plans can change every year, so your current coverage may not be the same as it was when you first got it. To stay on top of your benefits and get the best deal possible, you need to carefully review your policy at least once a year.
Get Help Reviewing Your Plan
It can be difficult to review your Medicare plan alone, so get help. The insurance agents at Kannonball Insurance are well informed about the Medicare program. Therefore, you can trust them to provide you with updated information about your current plan. They can also help you select a future plan. To get started, give us a call.