5 Reasons to Review Your Medicare Coverage Now

Medicare - 2 days leftSaturday, December 7, 2013, is the last day of Medicare Open Enrollment for 2014 coverage. If you don’t act now, it may be next year before you can make changes to your coverage, unless you qualify for a Special Enrollment Period. Next year’s Medicare Open Enrollment is October 15 – December 7, 2014.

The materials you received from your plan before Medicare Open Enrollment began are very important. The Annual Notice of Change or Evidence of Coverage explains any changes to your current coverage, premiums or other out-of-pocket costs for 2014.

Review this information carefully so you understand how any changes may affect you. Then you can decide if you may need to make a change.

Here are five things to consider when deciding if it’s time for you to change your Medicare coverage:

1. Have you received a new diagnosis or been given a new prescription? Changes in your health may mean you require more or different health care services. Make sure you understand what your current plan will cover and how much you will have to pay.

2. Is your doctor still in your plan’s network? Plans can change their network provider lists from year to year. If your doctor is no longer in your plan network, you may want to change doctors or choose a different plan.

3. Does your plan still cover the medications you take? Plan drug formularies are reviewed annually and may change.

4. Is your pharmacy still in the plan’s network? Just like provider networks, plans can change their pharmacy networks, too.

5. Has your financial situation changed? You’ll want to make sure you are still comfortable with your plan’s cost-sharing terms.

There is no one-size-fits-all type of Medicare coverage. Everyone has different health and budget needs, and these may change over time.