September 15th, 2020
Medicare's Open Enrollment Period, during which you can freely
enroll in or switch plans, runs from October 15 to December 7. Now is the time
to start shopping around to see whether your current choices are still the best
ones for you.
During this period you may enroll in a Medicare Part D (prescription drug) plan or, if you
currently have a plan, you may change plans. In addition, during the seven-week
period you can return to traditional Medicare (Parts A and B)
from a Medicare Advantage (Part C, managed care) plan, enroll in
a Medicare Advantage plan, or change Advantage plans.
Beneficiaries can go to www.medicare.gov or call 1-800-MEDICARE (1-800-633-4227)
to make changes in their Medicare prescription drug and health plan coverage.
According to the New York Times, few Medicare beneficiaries take advantage of
Open Enrollment, but of those who do, nearly half cut their premiums by at
least 5 percent. Even beneficiaries who have been satisfied with their plans in
2020 should review their choices for 2021, as both premiums and plan coverage
can fluctuate from year to year. Are the doctors you use still part of your
Medicare Advantage plan’s provider network? Have any of the prescriptions you
take been dropped from your prescription plan’s list of covered drugs (the
“formulary”)? Could you save money with the same coverage by switching to a
different plan?
For answers to questions like these, carefully look over the
plan's "Annual Notice of Change" letter to you. Prescription drug
plans can change their premiums, deductibles, the list of drugs they cover, and
their plan rules for covered drugs, exceptions, and appeals. Medicare Advantage
plans can change their benefit packages, as well as their provider networks.
For more about entering and leaving Medicare Advantage plans, click here.
Remember that fraud perpetrators will inevitably use the Open
Enrollment Period to try to gain access to individuals' personal financial
information. Medicare beneficiaries should never give their personal information
out to anyone making unsolicited phone calls selling Medicare-related products
or services or showing up on their doorstep uninvited. If you think you've been
a victim of fraud or identity theft, contact Medicare. For more information
about Medicare fraud, click here.
Here are more resources for navigating the Open Enrollment
Period:
·
Medicare Plan Finder,
which helps you find a plan to match your needs: www.medicare.gov/find-a-plan
·
Medicare coverage
options: https://www.medicare.gov/medicarecoverageoptions/
·
The 2020 Medicare
& You handbook, which all Medicare beneficiaries should have received. The
handbook can also be downloaded online at: medicare.gov/forms-help-resources/medicare-you-handbook/download-medicare-you-in-different-formats
·
The Medicare Rights
Center: www.medicareinteractive.org
·
Your State Health
Insurance Assistance Program, which offers independent counseling: https://www.shiptacenter.org
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