The 2023 Medicare Open Enrollment period started on October 15th. This is an important time to make changes to your Medicare coverage for the upcoming year. To ensure you make informed decisions and avoid common mistakes, consider the following tips.
3 mistakes to avoid during open enrollment
1. Not reviewing your current coverage
While auto-renewal is convenient, it may not always be in your best interest. Your healthcare needs may change over time, so it's essential to assess whether your current plan still meets your needs today.
In addition, Medicare plans themselves can change from year to year. Your current plan may alter its coverage, costs, or provider network. Always read the Annual Notice of Change (ANOC) from your plan to understand any upcoming changes.
2. Waiting until the last minute
Procrastinating until the last minute can lead to rushed decisions and missed opportunities. Start reviewing your options early so you have enough time to compare plans and make informed choices.
The Medicare open enrollment period typically runs from October 15th to December 7th each year. Missing this deadline may limit your ability to make changes to your coverage, so mark your calendar and take action during this window.
3. Overlooking the details
If you take prescription medications, make sure to review the drug formulary of your current plan and any plan you're considering. Ensure your medications are covered and there are no significant changes in drug costs.
Some Medicare Advantage plans also have provider networks, so it’s important to verify your preferred health care providers are in-network. Using out-of-network providers can lead to higher costs or limited coverage.
Lastly, Medicare plans come with premiums, deductibles, co-pays, and out-of-pocket maximums. Don't just focus on premiums; consider the total cost of the plan, including expected health care expenses, when evaluating your options.
By avoiding these common mistakes and taking a proactive approach to Medicare open enrollment, you can make well-informed decisions that align with your health care needs and financial situation.