What You Need to Know about Your Drug Plan and Advantage Plan for Next Year
October 4, 2019
Even if your Medicare prescription drug plan (Part D) and/or your Advantage plan have served you well in 2019, don’t assume you want to keep the same plans for 2020. The plans change every year, and you don’t want to be caught in a plan that is no longer the lowest cost, most benefit rich plan for your needs! Get ready to act during the two crucial timespans that occur this fall.
What Happens October 1-14?
October 1 is the date Medicare releases all the new plan information; it’s a lot of information to navigate, and it’s best to talk with a Medicare expert to help decipher which plans will be the right fit for you. You will receive notices in the mail that describe how your current plan(s) will change; law stipulates that you must receive these notices by October 14. Even if the changes sound reasonable to you, don’t decide to keep the same plan without investigating further. The changes could impact you in ways you might not expect.
Now is the time to start assessing your situation so that you’re ready to seek advice:
- What is your satisfaction level with your current plans?
- What additional drugs have you started taking this year?
- Have you been taken off of any medications?
- What new doctors have you started seeing?
- Are there procedures you’re having more frequently?
- Overall, how has your health changed?
Armed with this information, an expert can help you determine things like:
- Will drugs that were covered by my Part D plan still be covered next year?
- If my drugs will be covered, how good is the coverage compared to 2019’s coverage?
- Will the copay for my Advantage plan change?
- Will there be a premium for my Advantage plan that didn’t exist before, or will my current premium go up?
- Will the doctor or hospital network be changing in my Advantage plan?
- What changes in benefits (and extra benefits) will occur in my Advantage plan?
What Happens October 15-December 7?
The annual Medicare open enrollment period is from October 15 to December 7. This period is available to everyone on Medicare. During this time you can:
- Switch from Original Medicare to Medicare Advantage, or vice versa
- Switch from one Advantage plan to another
- Switch from one prescription drug plan (Part D) to another
- Enroll in Part D for the first time (if you didn’t enroll when you were first eligible), though you may incur a late enrollment penalty
If you’ve done the work to have answers to all the questions posed above, you’ll know exactly what to do during this open enrollment period. Make it easy on yourself—seek assistance from a Medicare expert and be ready to move (or stick!) on October 15 or shortly thereafter.
Classic Insurance & Financial Services is an independent brokerage that specializes in helping clients select the right type of Medicare health insurance for their specific needs. To seek out our resources, services, and advice, click here or subscribe now to receive our quarterly newsletter.
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