Whether you're enrolling in Medicare for the first time or re-enrolling, there's something important you should do this fall: Take a careful look at the plans available to you!
Medicare is the health insurance program set up by the federal government that provides health coverage to people age 65 and older. It also covers some younger people with specific health challenges or disabilities.
Medicare open enrollment starts on October 15 and continues through December 7 this year, and that's when you review plans and sign up.
Here are some things to know:
Why should I review my plan? Even if you were happy with your plan this past year, plans change all the time and you might not keep the same benefits from year to year. Or, a new plan may be created that fits your needs better. Either way, it's best to check.
What changes should I look for? There are three main ways that your plan could change:
- Premiums: Are you going to pay more this year than you were last year?
- Provider networks: Are your favorite doctors still going to be in your insurance network?
- Drug formularies/prescriptions: Are your prescriptions still covered by your plan? Do you need to switch to a generic version of your medication or will you be paying more for it?
You can review plans and options through Medicare.gov.
This is all super confusing. Where can I get help? Medicare plans can have a lot of confusing details, and it may seem like you need to sit down with a dictionary to figure out what all those medical terms mean.
Be careful about where you get help -- some "help lines" or services are really designed to push you to a certain insurance provider and may not give you unbiased advice.
We recommend that you use the Virginia Insurance Counseling and Assistance Program (VICAP) if you live in Virginia. VICAP is Virginia’s official state program (part of the national SHIP network, or the State Health Insurance Assistance Program). SHIP certified counselors do not sell insurance, therefore they provide free, individualized guidance on all parts of Medicare. They can help you navigate low-income plans, too.
If you live in the District of Columbia, look up DC SHIP, which is managed by the DC Department of Aging and Community Living. If you live in another state, look up your state's SHIP service.
No matter what plans you choose, we hope you live a long, healthy and happy life. While CommonWealth One isn't an insurance provider, we can help you with retirement plans, investments and a whole host of other financial matters.