An astounding 90% of seniors stay on their same Medicare plan every year because they think “if ain’t broke – don’t fix it!” Unfortunately, failing to review your plan this year could have disastrous consequences for your health, monthly income, and retirement nest-egg.
Here are the three most important reasons to review your Medicare plan during this Annual Enrollment Period (AEP), which runs from October 15 to December 7. One of these reasons could save you thousands of dollars or more next year.
Reason #1: Drug Costs Are Always Changing
Every year, plans make changes that impact their prescription drug coverage, like:
- Increasing copays
- Increasing deductibles
- Increasing coinsurance
- Subtracting drugs from their formularies
These costs can catch seniors off-guard if they don’t take a second look at changes to their plan each year. In fact, 1 in every 20 seniors qualify for cost-sharing assistance for their prescription drugs, but don’t take advantage of it—missing out on huge savings and potentially better benefits.
Reason #2: Doctor Networks Are Always Changing
Doctors and hospitals drop in and out of Medicare plan networks all the time, and sometimes only certain office locations drop in and out of network. This means your doctor’s office you’ve been visiting in-network all these years, might suddenly drop out of your Medicare network next year. That could mean higher out-of-pocket costs if you keep going to the same location without reviewing your plan.
Reason #3: Plan Benefits Are Always Changing
Medicare plan benefits are always changing as new benefits appear and others disappear. You can be sure that if your plan is changing or tweaking its benefits, other companies are too—possibly presenting even better options than your current choice.
Many seniors hear these benefits mentioned on TV ads littered with celebrity sponsors for Medicare every year, but the majority of them are confused and even distrustful of what they hear. They fear getting hoodwinked by a call center agent after dialing a 1-800 number from TV, and because they don’t take action, they lose out on access to new benefits every year.
What if I already know which plan I want to enroll in?
Even if you know which plan you’re going to sign up for, you could uncover some additional advantages by completing your enrollment through OhioMedicarePlans.com:
- Insurance companies change their plans all the time. By having a dedicated independent agent help you navigate all the new changes and benefits that come up every year, you can make the most informed decision for your health.
- It doesn’t cost you anything to enroll through OhioMedicarePlans.com. Our agents get paid by the insurance companies that our clients enroll in, so at no extra cost to you, you get free unbiased advice and service all year long from an independent agent who knows what you want from your Medicare plan.
What if I don’t know which plan to enroll in?
One of the top reasons seniors stay on their Medicare plan every year is because comparing options is too difficult or confusing. Half of seniors say they don’t even review their Annual Notice of Change (ANOC) documents for their plan.
We get it: there are just too many options to compare by yourself! The average senior has 43 Medicare Advantage options, 24 prescription drug plans, and countless Medicare Supplement plan options to choose from.
Consider using an independent insurance broker who can shop multiple companies to find the benefits you want at a price you can afford. At OhioMedicarePlans.com, we’ll help you find a plan that covers your doctors and your medications, while comparing your total out-of-pocket costs for the year to make sure you never overpay for the benefits you’re entitled to.
