3 Mistakes to Avoid When Choosing Your Medicare Plan

From October 15 to December 7 each year, you get the chance to plan for your healthcare needs for the upcoming year. Although it’s not quite as exciting as making New Year’s resolutions or enjoying a winter holiday, the annual Medicare open enrollment period is something to look forward to.

There are not many chances to become a proactive medical consumer, so take advantage of this opportunity to educate yourself.

What makes a good Medicare plan?

Like other forms of health insurance, it’s all about choosing something that fits your specific requirements. Here are three critical mistakes that you’ll need to avoid when selecting your coverage:

1. Don’t Forget to Consider What Lies Ahead

Your medical needs might change this coming year. To ensure that your coverage keeps up, always take the time to understand what you’re getting from your healthcare plan.

For instance, you’ll want to gather information including:

• The names and dosages of the current medications you take
  • Records about any procedures you underwent during the last year
  • Bills associated with specialist consultations, regular checkups, and other forms of care
  • The amount you’ve paid for any medical devices

Collecting this critical data makes it easier to understand what kind of minimum coverage you’ll need. This process can also get you into the habit of being more conscious about your healthcare costs.

2. Don’t Ignore Your Current Plan’s New Rules

Medicare plans are required to issue an Annual Notice of Change, or ANOC, every September.

These update letters let you know about changes regarding:

• Costs
  • Coverage limits
  • Service areas

These changes usually go into effect in January after the ANOC is issued. Being familiar with these changes can make it easier for you to find new coverage that fills the gaps.

3. Don’t Enroll Without Testing the Waters

Medicare plan providers commonly use open enrollment periods to market their products and services. Although many of the promotions that they offer look extremely enticing, you should still shop around before committing.

What initially seems like a great deal may end up being far more expensive when you factor in your out-of-pocket costs.

It’s critical to compare plans on a term-by-term basis, and you probably shouldn’t wait until fall to get started.

Put yourself on solid footing and become a more responsible medical consumer by learning about your available Medicare insurance plan offers.