Take care when considering Medicare options

by CJ Blomquist

OptumCare

It’s annual enrollment period, a time when Medicare beneficiaries can sign up for different options. A lot of people choose to stick with what they have, but since this is the only time of the year you can change your coverage, it’s a good idea to look around.

Compare your options with what you have. It’s worth doing a little homework to make sure you choose the right plan for you. Don’t just check your existing plan; also look at what’s available from other companies.

Health is a major reason people switch coverage. A person’s health needs can change quickly, whether it’s a new diagnosis, a change in medications or something else. Benefits and formularies change each year. One plan may offer a benefit such as acupuncture, or there may be a plan with lower-cost medications that you need.

If you have a chronic condition, there may be a Medicare Advantage plan just for it. Some companies offer plans for diabetes, heart disease and others. It’s worth checking to see if they are a better fit.

Life changes are another big factor. Maybe you’re not driving as much—or at all. Or you’ve lost your spouse and need more help around the house. There are plans that offer non-medical benefits to cover these things. Depending on what’s important to you, these benefits may be more meaningful than a plan with only medical benefits.

Get the most out of your benefits. If you aren’t sure where to start, consider working with an independent insurance agent, who can help you compare your options. You can also contact the health plans directly for information or visit medicare.gov to compare options.

Remember: you have until Dec. 7 to sign up for a new option. Any changes will be effective Jan. 1, 2021.