Tips from Wellmed and Optum to help you make the right Medicare choices
The Medicare Annual Enrollment Period (AEP), which runs from October 15 to December 7, is a key time for beneficiaries to review and adjust their healthcare plans. This is when people on Medicare can change their coverage, enroll in new plans, or make other adjustments to their existing policies. However, the decisions made during this period can significantly impact both your healthcare coverage and costs.
To help Medicare beneficiaries navigate these decisions, WellMed and Optum are offering tips to avoid five common Medicare-related mistakes that can lead to higher expenses. Whether you're new to Medicare or have been on it for years, avoiding these errors can save you money and ensure you get the coverage you need.
Mistakes to avoid with your Medicare plan
If you’re on Medicare Part D or a Medicare Advantage plan, it will automatically renew every year unless you choose to make a change. While this might seem like the easiest option, it could cost you if your healthcare needs have changed. For instance, you may require different medications or new services, such as dental or hearing care. Plans can also alter what they cover each year, including changes to premiums, deductibles, and out-of-pocket costs. By reviewing your plan during AEP, you can confirm whether it’s still the right fit for your evolving healthcare needs.
Medicare Advantage and Part D plans send out an Annual Notice of Change (ANOC) by the end of September. This document details any updates to your plan’s benefits or costs for the coming year. If you overlook these changes, you could face unexpected costs or reduced coverage. Reviewing the ANOC ensures that you’re aware of what’s changing in your plan and helps you decide if switching to a different plan during AEP is necessary.
Consider the full picture when choosing a plan
It’s easy to focus on low premiums when selecting a plan, but that’s not the only cost to consider. A plan with a lower monthly premium might have higher deductibles, co-payments, or prescription costs. If you frequently visit doctors or take medications, these additional expenses can quickly add up. Take a comprehensive look at all the potential costs, including out-of-pocket expenses for healthcare services, before deciding on a plan.
Your healthcare needs are unique, and your Medicare plan should reflect that. While friends or relatives may recommend their plans, what works for them might not be suitable for you. Evaluate plans based on factors such as cost, benefits, prescription drug coverage, provider availability, and quality of care.
Many Medicare beneficiaries assume they don’t qualify for financial assistance with Medicare-related expenses. However, there are various programs designed to help lower-income individuals with premiums, deductibles, and other costs. For example, Medicare Savings Programs (MSPs) can help cover some or all your out-of-pocket expenses for Part A and Part B. Additionally, if you qualify for an MSP, you may also qualify for extra help with prescription drug costs. Even if you think you’re ineligible, it’s worth investigating whether you qualify for these programs.
Medicare can be complex, but staying informed and avoiding common pitfalls can help you manage your healthcare costs effectively. Don’t let automatic renewals or a lack of information lead to costly mistakes. Review your options annually and explore available resources to ensure you’re making the best decisions for your health and finances.
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