Retirement Starts Today Medicare Annual Maintenance and Timelines: What Do I Need to Do Annually? Ep #166
After you finally get Medicare all figured out and everything in place, the last thing you want to do is ever think about it again. But unfortunately, you need to review your Medicare coverage annually.
Danielle Roberts is back, yet again, to help us understand what we need to do annually to review our Medicare plans. In this episode, you’ll learn what to do if you have a prescription drug change, if your Medicare Advantage plan gets discontinued, and how to change from supplemental plans to advantage plans and vice versa. There’s loads of information in this episode so make sure to pay attention so that you don’t miss any details.
Outline of This Episode- [1:22] What do we need to think about each year when it comes to Medicare?
- [5:05] What to look for when you receive your annual notice of change
- [10:01] How to change from a Medicare supplement to an advantage plan?
- [14:43] Is switching between Medigap plans easy to do?
- [17:35] What is in store for Plan F?
The Medicare annual election period runs from October 15 - December 7. This is the time when you can enroll in, change, or disenroll from a part d drug plan or a Medicare Advantage plan.
What to look for when you receive your annual notice of changeWhen Medicare sends your annual notice of change it will lay out all of the benefit changes for the next year. This is one Medicare notification that you do not want to toss in the garbage. Take some time to go over this document to look for premium changes as well as changes in drug tiers for all of your medications. Even if you are happy with your current plans, it is still a good idea to check your coverage. Listen in to learn what you can learn from the MyMedicare.gov website.
What if I want to change my Medicare supplement to an advantage plan or vice versa?If you are looking to change plans you can do so during the open enrollment period which also takes place from October 15 - December 7. It’s quite easy to switch from a supplement to an advantage plan. Simply enroll during the open enrollment period and then cancel your supplement. There are no health questions to answer. However, if you would like to switch from an advantage plan to a Medigap plan, it is more complicated. Discover the order of events that must take place by hearing it straight from Danielle Roberts.
Is switching between Medigap plans easy to do?Switching between Medigap plans generally requires a health screening and underwriting which is why it is important to wait until you have been approved for a new plan before canceling your old plan.
Using a broker can help you understand the nuances of Medicare and ensure that you don’t make costly mistakes. Learn more about Boomer Benefits at BoomerBenefits.com.
If you haven’t listened to all 4 of the Medicare episodes with Danielle Roberts, I encourage you to head on over to episode 163 to get started. I know I have learned a ton from Danielle’s expertise and you will too.
Resources & People Mentioned Connect with Danielle Roberts- Boomer Benefits YouTube Channel
- BOOK - 10 Costly Medicare Mistakes by Danielle Roberts
- Boomer Benefits Facebook page
- Get the Retire-Ready Toolkit:http://retirementstartstodayradio.com/
- Follow Ben on Twitter:https://twitter.com/retiremeasap
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