The Annual Medicare Open Enrollment Period (OEP) ends today! Since October 15, 2020, millions of eligible adults had the opportunity to enroll in Medicare. Today, your chance to enroll in Medicare or make adjustments to your existing Medicare plan(s) ends. If you miss today’s deadline, you may have to wait a full year to get the Medicare coverage you need. We’ll cover a few last-minute things you should do today before Medicare Open Enrollment ends.

Evaluate Your Health Insurance Needs

Are you still working and getting health insurance through your employer? Are you eligible for Medicare, but have an existing plan that you want to keep? Do you need to sign up for Medicare as soon as possible? Or, do you already have Medicare, but think that you could switch to a more comprehensive plan?

No matter your circumstances, you have to evaluate the state of your current health insurance and what changes you need to make. It’s hard to predict what kind of health coverage you’ll need 10 years from now, but it’s a little easier to determine what you’ll need for the next calendar year (until the next Open Enrollment). If you qualify for Medicare and need to enroll or make changes to an existing policy, today is the time to do it.

Review Your Budget

Just like any health insurance policy, Medicare is not free. You’ll have to pay premiums, copayments, deductibles, coinsurances, and various fees to maintain your coverage. So, how well is your current Medicare plan working for you? If you don’t have Medicare yet, would Original Medicare suit your budget best? Or, is there a better alternative? Answering these questions will help you decide how to proceed and still stick to a comfortable budget.

Consider Medicare Advantage or Medicare Supplement

When people first get Original Medicare, they often have one of two issues: their coverage is too expensive or they’re not getting the kind of coverage they need. In some cases, you might have both problems. This is where a Medicare Advantage plan or a Medicare Supplement plan can help.

Medicare Advantage provides the same coverage as Original Medicare, plus Part D prescription drug coverage and vision, dental, and hearing. In short, you can combine a lot of different policies into one simple plan. Alternatively, if you want to cut down on costs, you might consider adding a Medicare Supplement plan to your Original Medicare. Medicare Supplement helps cut down costs like premiums, copayments, deductibles, and coinsurances.

The Bottom Line

If you missed signing up for either Medicare Part A or Part B during your Initial Enrollment Period, the Medicare OEP is the perfect time to get it done. That said, the Medicare OEP is not just for people who missed out on their Initial Enrollment Period. The Medicare OEP is also a great time to add Part D coverage, switch from Original Medicare to Medicare Advantage, or shop for a better Medicare Advantage plan.

Today is the last day for the Annual Medicare Open Enrollment Period. If you’re interested in learning more about Medicare and signing up today before the deadline, contact Time for 65’s licensed partnered agents today. Fill out this form or give us a call to see how we can help.