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Here’s What You Should Know About Medicare Open Enrollment

It’s currently Medicare Open Enrollment, but what does this mean?

Medicare Open Enrollment goes from October 15-December 7th.  During this period, Medicare recipients are allowed to switch their drug coverage and decide whether they want to switch from traditional Medicare to Medicare Advantage.  If you are not sure what you should do during Medicare Open Enrollment for 2018, keep these things in mind.

Medicare vs. Medicare Advantage

As previously mentioned, you have the opportunity to switch from a traditional Medicare plan to Medicare Advantage during Open Enrollment.  Unlike traditional Medicare, Medicare Advantage plans cover hearing, vision, and dental care with a cap on out-of-pocket expenses.  This means that one you reach the cap, then the insurer takes over and pays for covered services.  Be aware that Medicare Advantage plans restrict members to a specific network of doctors and hospitals and that you cannot leave an Advantage plan mid-year, even if your physicians leave the network.

Medicare Part D

Your Medicare drug plan, known as Medicare Part D, is also available for review and updating during Open Enrollment.  When selecting your Medicare drug plan, it’s important that you consider the total costs of a plan.  Keep in mind that the coverage gap known as the “donut hole” will also differ depending on the plan you select.  Before committing to a plan, find out if you can get the lowest price for your prescriptions at your preferred pharmacy or if you will need to go elsewhere.  Additionally, learn about the restrictions of each Part D plan.  For instance, ask if you will experience price changes depending on the frequency or quantity of your prescription.  Additionally, find out if you need to switch to an in-network pharmacy.  This can drastically reduce how much you have to pay for your prescriptions.

Use this information to help to navigate this Medicare Open Enrollment season.  Remember, if you ever need assistance with your Medicare needs, then contact the professionals at Unisource Insurance Associates.  Serving Milwaukee and the neighboring cities of Wisconsin, our dedicated insurance agents are ready to assist you with all your insurance needs.