The end of the 2020 Medicare Open Enrollment Period is quickly approaching. Your chance to enroll in Medicare or make adjustments to your existing Medicare plan(s) will officially end on December 7, 2020. If you miss the deadline, you may have to wait a full year to get the Medicare coverage you need. Let’s look at a few things that you should do 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). So, if you qualify for Medicare and need to enroll or make changes to an existing policy, now 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

The Medicare Open Enrollment Period is about to close. If you need to enroll or make changes to your Medicare plan, now is the time to do it. Just remember to follow the tips above so that you can get the most out of your coverage!

If you’d like to learn more about the 2020 Medicare Open Enrollment Period 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.