3 options during Annual Enrollment

3 Options During Annual Enrollment:

1. Switching Between Medicare Plans:
   • Medicare Advantage (Part C): During Annual Enrollment Beneficiaries can switch from Original Medicare (Part A and Part B) to a Medicare Advantage plan or vice versa. Medicare Advantage plans are offered by private insurance companies and often include additional benefits such as vision, dental, and prescription drug coverage.
   • Changing Medicare Advantage Plans: Those already enrolled in a Medicare Advantage plan can switch to a different Medicare Advantage plan.
   • Joining a Medicare Prescription Drug Plan (Part D): Beneficiaries can join a Medicare Prescription Drug Plan if they haven’t already. This is useful for those who have Original Medicare and need drug coverage.
   • Switching Part D Plans: Those already enrolled in a Medicare Part D plan can switch to a different Part D plan. This can be beneficial if another plan offers better coverage for their medications at a lower cost.
2. Updating Prescription Drug Coverage:
   • Beneficiaries can review their current prescription drug coverage and make changes if necessary. This is important because formularies (the list of covered drugs) and costs can change each year.
3. Dropping Coverage:
   • Beneficiaries can also choose to drop their Medicare Advantage plan and return to Original Medicare, which is often paired with a separate Part D plan for prescription drugs.
   • Alternatively, they can choose to drop their Medicare Prescription Drug Plan if they decide they no longer need it.

Key Considerations:

• Plan Costs: Premiums, deductibles, copayments, and coinsurance can vary between plans. It’s important to compare these costs to determine the most affordable option.
• Coverage: Check what is covered under each plan, especially if there are specific healthcare needs or prescription drugs that must be covered.
• Provider Network: For Medicare Advantage plans, ensure that preferred doctors, hospitals, and other healthcare providers are in-network.
• Star Ratings: Medicare uses a star rating system to evaluate the performance and quality of Medicare Advantage and Part D plans. These ratings can be a helpful tool in selecting a plan.
• Additional Benefits: Some Medicare Advantage plans offer additional benefits such as dental, vision, hearing, and wellness programs.

During Open Enrollment, beneficiaries can make changes to ensure their healthcare coverage aligns with their needs and financial situation. Any changes made during this period take effect on January 1 of the following year.