Here are four things to know as you prepare for Medicare Open Enrollment 2022.
1. Know What You Can Do
Before you do anything with your Medicare policy, it’s important to know what you can and can’t do during Open Enrollment. For instance, the Medicare Advantage Open Enrollment period doesn’t start until January.
Here is what you can do during Open Enrollment:
- Switch from Original Medicare to Medicare Advantage
- Switch from Medicare Advantage to Original Medicare
- Switch from one Medicare Part D plan to another
- Enroll in a Medicare Part D plan if you’re not already
2. Review Your Annual Notice of Change
Medicare plans change every year, so it’s important to re-evaluate how well your current plan fits your needs. You should receive your Annual Notice of Change in the mail by late September, giving you time to review any changes that will be affecting your plan in the coming year.
If there are any changes happening to your plan, they will take effect on January 1st, 2023. It’s possible that with new changes, you may benefit from a different plan. For example, has your health changed in the past year? Do you need a specialist or new set of services?
3. Assess What Medications are Covered
Another thing to consider when reviewing your Annual Notice of Change is your prescription drug plan. You can make changes to your Medicare Part D prescription drug plan during the Open Enrollment period. During this time, you can add, switch or drop your Part D coverage. Any changes that you make will go into effect on January 1st.
When reviewing your Part D plan, pay special attention to the following:
- List of covered prescriptions (formulary)
- Network pharmacies, or pharmacies that are part of the plan’s network
- Coverage rules, such as prior authorization, step therapy or quantity limits
4. Get Trusted Advice
There are a lot of considerations when choosing a Medicare plan, so it helps to speak with a professional, such as a financial advisor. They can help you understand the different plans out there and which ones will best fit your needs, budget and lifestyle. You can also use the National Council on Aging’s Age Well Planner or Medicare’s Plan Finder tool to help make informed decisions.
These four tips will help you make the most of Medicare Open Enrollment. Schedule an appointment with Leonard Financial Solutions to learn more about making changes to your Medicare plan this fall.