One of the most frequently asked questions from our clients is whether Medicare beneficiaries must renew their coverage every year. The simple answer is generally, no.
BUT…
Plans and circumstances may change year to year and it is critical to review your coverage annually to account for changes to your current Medicare Advantage plan, Prescription Drug Plan, drugs or health condition.
Regarding Medicare Advantage and Prescription Drug Plans, you will receive an annual notice of change (ANOC) annually before AEP (late September or early October) which will inform you of changes to your current plan. That is the time to begin considering your options and if a change may be appropriate.
In the case of a Medigap plan, the terms and conditions of issue (other than the premium) are fixed and will not change, under current law.
If you also enrolled in a Medicare Part D plan, you must compare plans annually because drug formularies and pricing can change. This must be done during the Fall Annual Enrollment Period (AEP) from October 15 through December 7. There are usually numerous available Part D plans in most areas of the country. Each has their own formulary, pricing, retail and mail-in pharmacy options and coverage rules. Your choice of a plan is based on your specific needs. No one plan works for all.
Paying for health insurance is a significant part of most people’s budgets. Knowing your healthcare costs is needed to ensure you have an affordable plan. But since there are several different parts of Medicare, which you can purchase individually, the total cost of Medicare can vary significantly.
In fact, each Part of Medicare (A, B, C, D) has their own rules. Consulting with a licensed and experienced independent MediSmart broker will provide you with unbiased information and assistance in obtaining the greatest value from your Medicare benefits.
About MediSmart Advisors
MediSmart Advisors are independent broker/advisors, representing many, if not all, of the important carriers in your region. Our service is always FREE to you and you are never required or pressured into enrolling in any policy. Let us help you understand all options available to meet your specific and personal health insurance needs.