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Medicare’s annual enrollment period is a time for beneficiaries to review their coverage options and potentially switch plans. Not everyone does that, a new report found.
Exactly half of Medicare Advantage enrollees and 64% of beneficiaries with Medicare Part D plan, which is for prescription drugs, have had the same plan for at least two years, according to eHealth’s latest consumer insights report on Medicare’s annual enrollment period. The report is based on a survey of 5,551 Medicare beneficiaries who have purchased health insurance plans through eHealth, such as Medicare Advantage, Medicare Supplement or Medicare Part D.
Medicare’s annual enrollment period runs between Oct. 15 and Dec. 7, and is the time when beneficiaries can join, drop or switch plans, including Medicare Advantage and a drug plan. Here’s more on what exactly you can do during this enrollment period.
See: Medicare open enrollment: if you’re confused, this program can help
This may be the year to make a change, at least for some beneficiaries. More than four in 10 respondents said they started a new prescription drug this year and 28% said they received a new medical diagnosis, two scenarios that could prompt coverage change.
More than three-quarters of eHealth’s respondents said they intend to review their options this fall. Of the 8% who said they were not planning to review their options, 81% said it was because they were happy with what they had. Another 16% said they were unsure.
Not everyone needs to switch plans, but it doesn’t hurt to check other options during this period. The wrong plan could cost retirees hundreds, if not thousands, of dollars in medical expenses, because of out-of-pocket expenses, less financial help with procedures or a doctor moving out of network.
Focus on the “three P’s” as suggested by Ari Parker, co-founder and lead adviser of Chapter, a company that specializes in Medicare: providers, prescriptions and priorities. The ultimate health plan chosen will affect those three categories, and vice versa.
