What’s the difference between Original Medicare and Medicare Advantage?

Original Medicare is a government-managed program typically paired with separate drug coverage and optional Medigap. Medicare Advantage plans, on the other hand, are offered by private insurers and often bundle medical and drug benefits, with some including extras like dental or vision. Understanding these differences is crucial as it affects the overall cost and coverage of your healthcare.

What changes can I make during Open Enrollment?

During the Medicare's Annual Enrollment Period, you have the opportunity to switch from Original Medicare to a Medicare Advantage plan, change from one Advantage plan to another, or modify your Part D prescription coverage. This flexibility ensures you can align your plans with changing health needs or financial situations.

Do I need to do anything if I’m happy with my current plan?

Even if you're satisfied with your current Medicare plan, it’s wise to review your coverage annually. Changes in premiums, provider networks, and drug formularies can impact your healthcare experience and costs, so an annual check can prevent any unwelcome surprises.

When can I learn about next year’s plans?

Information for next year's Medicare plans becomes available in October. You can call 1-800-MEDICARE or visit Medicare.gov for detailed information. Taking this step ensures you have ample time to research and compare your options thoroughly.

What if I miss the Open Enrollment deadline?

If you miss the deadline for Open Enrollment, you will generally need to wait until next year to make changes to your Medicare plans unless you qualify for a Special Enrollment Period due to a significant life event. Planning ahead and marking the dates can help avoid coverage gaps.

Understanding Medicare's Annual Enrollment Period (AEP) empowers you to take control of your healthcare decisions. Start researching early, use trusted resources like Medicare.gov, and consult with a professional if needed. Even a small review of your plan can lead to significant savings and better coverage in the coming year.