Who likes change? Who enjoys hassle? You’d rather save time and maintain the status quo by sticking with your Medicare insurance plan. But loyalty may not pay off for you. Insurance companies tinker with and change their plans and that’s why it’s a good idea to make a quick review of what your insurer will offer in 2015.
You have until December 7th to make a change in your Medicare insurer and your Part D plan. Medicare Open Enrollment gives you the opportunity to change your plan and Part D. There may be a better deal that works for you. Not all insurers charge the same monthly fee, nor do they offer the same range of services.
Insurers also change the rules and the fees they charge every year. So the plan you like now may not reflect what the insurer will offer in 2015.
You can review and compare plans available to you through the website of the Center for Medicare and Medicaid Services (CMS).
Medicare Part D
When it comes to Medicare Part D, you want to make sure that the insurer will cover your drugs. It does require research. You can call your insurer, or check the information they sent to you. Make sure the drugs you use are covered in the list of drugs, or “formulary.”
If they don’t offer what you need, try another insurer in your area. The website of the Centers for Medicare and Medicaid Services (CMS) offers a an easy-to-use tool that can help you locate another insurer.
You can change your Medicare health and drug coverage without penalty now as long as you do it on or before December 7, 2014. Your new benefit plan will go into effect on January 1, 2015.
We provide tips to figure out the key things to consider in your Part D plan in ConsumerMojo’s post Why Change Your Medicare Part D Plan?