How To Review and Renew Your Medicare Coverage in 2020

As we pass in the second half of 2020, many older adults will want to review their existing healthcare coverage. It’s always a good idea to make sure that you’re paying for the right plan. Reviewing your coverage on an annual or biannual basis can save you money, improve your healthcare, and, ultimately, give you greater peace of mind.

So, what steps can you take to review your Medicare coverage? How and when can you make changes? Finally, what’s the best plan for you? We will answer all of these questions and more, but first, let’s look at how you can evaluate your own coverage.

How to Review Medicare Coverage

When reviewing your Medicare coverage, there are a few important questions you should ask yourself:

• Can I afford my coverage? (premiums, deductibles, etc.)
• Does my plan cover everything I need?
• Is my plan the most affordable option?

If the answer to any of these questions is “no,” you need to reevaluate and restructure your Medicare coverage. This will require you to see how much you’ve paid in past years for premiums, deductibles, and other out-of-pocket expenses. It will also require you to see which expenses your Medicare has not covered. Finally, you’ll need to see if there is a more affordable option out there.

How to Find the Best Medicare Coverage for You

When it comes to Original Medicare, there are only so many ways that you can customize your insurance. That said, there are a few ways to enhance Original Medicare so that it covers more and — in some cases — costs less. Let’s look at a few of the most common options:

• Original Medicare: With standard Original Medicare, you’ll likely pay your Part B premiums, deductibles, and out-of-pocket expenses for things like out-of-network treatment or prescription drugs.
• Original Medicare + Part D: While Part D will require you to pay an additional premium, it could save you thousands of dollars per year on prescription drugs, depending on your specific circumstances.
• Original Medicare + Part D + Medicare Supplement: This is by far the most comprehensive combination you can get with Original Medicare. In addition to Part A, B, and D coverage, you will get help with deductibles, copayments, and coinsurances through a Medicare Supplement (Medigap) plan.

Alternatively, if you find that none of the options above provide enough coverage or you want to consolidate your Medicare into one simple plan and monthly premium, you can acquire a Medicare Advantage plan. Medicare Advantage provides all the same benefits as Original Medicare + Part D. Additionally, most Medicare Advantage plans include coverage for vision, hearing, and dental.

When Can I Change My Medicare Coverage?

If you’re signing up for Medicare for the first time or want to change your existing plan, you can do so during the Open Enrollment Period (OEP). The Open Enrollment Period is from October 15th to December 7th. This means that the Medicare OEP is ongoing and now would be a great time to review your coverage to see if you should make any changes.

Bottom Line

Reviewing your coverage is a quick way to see where your Medicare currently stands. Additionally, reviewing and making changes can help you get better coverage in the future and hopefully save you money. Just make sure that you don’t miss your opportunity to make changes during the Open Enrollment Period!

If you’d like to learn more about reviewing or renewing Medicare or your Medicare coverage options, feel free to fill out this form or give us a call anytime. Time for 65’s partnered licensed agents are focused on giving you the information you need, with zero pressure to enroll in a plan.