Going to the dentist may be your least favorite experience, but you do it anyway, because it is important. If you don’t, small problems may become big problems and a world of hurt and cost may be in your future.
For the same reason, Americans on Medicare should shop their plans each year. Yet seven in ten Medicare beneficiaries don’t compare plans each year.*
Open enrollment for Medicare runs from October 15th through December 7th of each year. During that time, current Medicare enrollees can compare available plans and choose the plan they will use for the next year. If you do nothing during open enrollment, you will stay on your current plan. While you don’t have to re-enroll each year, it is always a good idea to shop the available plans to see if there is a better option available. There are several reasons why.
Plans Change
Each year Medicare plan premiums, coverage options, and benefits may change. What was a good plan for you in the past may not be the best plan for you today. Review your plan’s cost, coverage, and benefits for the coming year to make sure you can live with any changes.
You Change
Lets face it, Newton’s second law of thermodynamics suggests that all systems tend to move toward a state of greater disorder. Some call it entropy and others call it aging. Unfortunately, this means as we get older, our need for medical intervention increases.
New Drugs – Each Medicare plan has a formulary, or list of covered drugs. Insurance carriers negotiate costs and coverage with drug companies from year to year. What was covered last year may not be covered this year or may cost more. Additionally, adding a new drug, like Lopressor for high blood pressure, may increase your drug cost nearly $200 each month. By shopping on Medicare.gov’s Plan Finder, you may find that the generic Metroprolol Tartrate is covered and will not increase your monthly costs at all. And if you do need the name brand, Plan Finder will compare prices at your local pharmacies side by side so that you can find the best deal in your area.
New Doctors – You didn’t need to see Dr. Urologist when you were 65, but maybe at 75 you do. Is she covered by your current plan? As you add health care providers to your contact list, verify your Medicare plan will cover their services.
Tools Change
If it has been a couple of years since you went to Medicare.gov to compare plans, you will be pleasantly surprised by the new features. Since rollout in 2019, the Plan Finder has evolved into a very usable tool for comparing plans side by side. This year a filter was added, which allows you to view only plans who cover your doctor. These and other changes make the shopping experience much easier.
Just as dental procedures have improved including comfort features like Novocaine, Medicare shopping has become much more user friendly. If it has been a while, give it a look. You may find the cost savings and coverage improvements you gain by shopping for Medicare, like going to the dentist, will improve your smile!
Did You Know?
Your employer sponsors this financial wellness benefit from Francis. The benefit connects you with down-to-earth financial planners who educate and advise on any money matters…without the sales pitch. We are exclusively engaged by employers like yours and have no investment products to sell, so you can feel confident that you will always receive objective advice.
Your financial planner will help you set priorities and achieve your money goals, without judgment or financial jargon. Know that all discussions are kept strictly confidential. This service is offered as an employee benefit with no per-session co-pays, so you can meet with a financial planner as often as you wish. Services are paid by your retirement plan or your employer.
Connecting with a financial planner is easy! Here’s how:
- Visit FrancisWay.com > Services > Participant Portal
- Call (866) 232-6457
Download the free mobile app (Search for Francis LLC)
