Current:Home > BackGot a notice of change from your Medicare plan? Here are 3 things to pay attention to-Angel Dreamer Wealth Society D1 Reviews & Insights
Got a notice of change from your Medicare plan? Here are 3 things to pay attention to
View Date:2024-12-23 18:25:47
Millions of older Americans get health benefits through Medicare. But coverage under Medicare isn't a one-size-fits-all sort of deal.
As an enrollee in original Medicare, you have the option to choose your own drug coverage. Or, you could sign up for a Medicare Advantage plan for added benefits on top of what original Medicare entails.
You're also not stuck with the Medicare plan you choose for life. Each year during the fall, Medicare participants are able to make changes to their coverage during open enrollment, which runs from Oct. 15 through Dec. 7.
During open enrollment, you can switch Part D plans, move from one Medicare Advantage plan to another or drop Advantage altogether and move over to original Medicare. But to make an informed decision, you need to know what's staying the same with your current Medicare plan and what's changing.
That's why it's so important to review your plan's notice of change carefully. Generally, these notices go out by Sept. 30 so that Medicare enrollees have an opportunity to get updates on their plans in time for open enrollment. If you're new to getting one of these letters, here are some key points to look out for.
1. How your medications are categorized
If you're a Medicare Part D participant, you may be aware that these plans use formularies to group medications into different tiers. These tiers determine your out-of-pocket costs.
One thing you'll want to pay attention to on your notice of change is whether your current prescriptions are moving into a different tier. If one of your medications is bumped into a higher tier, you may be looking at higher costs in 2025. However, it's possible that one of your medications is moving to a lower tier, resulting in less expensive copays for you.
2. How your Medicare Advantage plan benefits are changing
Medicare Advantage plans commonly offer supplemental benefits beyond the scope of what original Medicare covers. It's important to see which of those benefits your plan is keeping in the new year versus taking away.
It may also be that your Medicare Advantage plan is adding benefits for 2025. That's important information to have. But before you get too excited, realize that just because a given Advantage plan offers a certain benefit doesn't mean that it's accessible for all enrollees. If you see new benefits added, inquire to make sure they're options you can take advantage of. You may need a certain diagnosis to use some of your plan's benefits.
3. How your Medicare Advantage plan network is changing
One limitation of Medicare Advantage is that you're generally restricted to a specific network of providers. With original Medicare, you may have more doctors you can see.
Pay attention to changes in your provider network. If your main reason for sticking with your Medicare Advantage plan is to retain access to a certain doctor who will be out of network in 2025, that may be a good reason to switch your coverage.
Whether you're happy with your current Medicare plan or not, it's important to read your notice of change carefully. Doing so could set you up for a successful open enrollment this fall.
The Motley Fool has a disclosure policy.
The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.
The $22,924 Social Security bonus most retirees completely overlook
Offer from the Motley Fool: If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.
View the "Social Security secrets" »
veryGood! (5)
Related
- Kirk Herbstreit berates LSU fans throwing trash vs Alabama: 'Enough is enough, clowns'
- First Tulsa Race Massacre victim from mass graves identified as World War I veteran after letter from 1936 found
- How husband and wife-duo JOHNNYSWIM balance family, music
- Nordstrom Anniversary Sale 2024 Deals That Are Sure To Sell Out: Shop Le Creuset, UGG, Longchamp & More
- Is the stock market open on Veterans Day? What to know ahead of the federal holiday
- Billionaire Ambani wedding festivities included Kim Kardashian, Justin Bieber performance
- Second day of jury deliberations to start in Sen. Bob Menendez’s bribery trial
- Powell says Federal Reserve is more confident inflation is slowing to its target
- Demure? Brain rot? Oxford announces shortlist for 2024 Word of the Year: Cast your vote
- Powell says Federal Reserve is more confident inflation is slowing to its target
Ranking
- Disney Store's Black Friday Sale Just Started: Save an Extra 20% When You Shop Early
- On Mac and Cheese Day, a look at how Kraft’s blue box became a pantry staple
- Condos’ high-rising insurance premiums are a top issue in these legislative races
- Sarah Michelle Gellar Details Decades-Long Bond With Shannen Doherty After Her Death
- New Mexico secretary of state says she’s experiencing harassment after the election
- Rebecca Gayheart Shares Sweet Update on Her and Eric Dane’s Daughters
- MLB power rankings: All-Star break arrives with new life for Red Sox, Mets and Astros
- Horoscopes Today, July 14, 2024
Recommendation
-
Deion Sanders doubles down on vow to 99-year-old Colorado superfan
-
How much money U.S., other countries are paying Olympic medalists at Paris Games
-
1 killed, 6 injured when pickup truck collides with horse-drawn buggy in Virginia
-
Sports betting roundup: Pete Alonso has best odds to win MLB’s Home Run Derby on BetMGM Sportsbook
-
Voters in Oakland oust Mayor Sheng Thao just 2 years into her term
-
Former Chicago hospitals executives charged in $15M embezzlement scheme
-
Social media influencers tell you to buy, buy, buy. Stop listening to them.
-
Inflation is cooling, yet many Americans say they're living paycheck to paycheck