Do You Need to Review Your Medicare Advantage Plan?

make changes to your medicare advantage

Medicare Open Enrollment Period (OEP) ends on March 31, 2021! There are only a few weeks left to enroll in a Medicare Advantage (MA) plan. Do you know if you want to make changes to your Medicare Advantage coverage?

Do you have the best fit plan for your needs? There are at least four factors you should take into account before choosing or changing your MA plan. Has your health changed (for better or worse) since you first enrolled? Have you moved to a new area? Has your financial situation changed? Are you unhappy with your current coverage for any reason?

If you’re curious about your options, contact your Medicare insurance specialist. They can help you review your current plan and find a new plan if necessary. But the first question they’ll ask is if your current plan is meeting your needs. And that can be a tough question to answer!

To properly evaluate how well your current plan is working for you, here’s what you should consider before making changes to your Medicare Advantage plan:

Consideration #1: Have your health needs changed?

What you need to maintain your health is different from year to year. One year you may be struggling with psoriasis, the next you could be perfectly healthy. Covering the basics is the first step, but as your health changes, your coverage can expand past the basics as necessary. You don’t want to end up with uncovered expenses, but you shouldn’t continue paying for a high-end plan you no longer need.

This also applies to prescription drug coverage. Medication use changes, and you may be taking more (or fewer) prescriptions than you did last year. These seemingly subtle changes to your personal health could spell out significant changes to your MA plan, some of which may result in a lower monthly premium! 

Consideration #2: Do your physicians participate?

Make sure your preferred providers accept your current MA plan. If you’re seeing a new specialist this year because of a change in your health, confirm they participate in the plan you’re currently on.

You should be able to see the doctor you feel comfortable with and trust. If any of the doctors you really like aren’t included in the MA plan you have now, get in touch with your Medicare insurance agent right away to find out if there’s a plan that covers your entire medical support team.

Consideration #3: Have you moved to a new area?

Different plans are available in different areas. If you’ve moved to a new place where different MA plans are available, you may now qualify for a plan better suited to your healthcare needs. Again, talk with your Medicare insurance agent to learn about any new options in your area.

Consideration #4: Do you need Medicare Supplement Insurance?

Were you travelling quite a bit before the pandemic? Some seniors opt for Medicare Supplement (MediGap) insurance to “fill the gaps” in their MA plan. These plans work well for those with expenses Medicare doesn’t cover, snowbirds who live in different states during the year, and seniors who do a lot of traveling. If your travel plans have changed in the last year, review your MediGap plan to determine if you still need that type of coverage.

Please note! If you live in California, Oregon or Michigan, you have the option to switch to an Advantage Plan during both OEP and on your birthday.

Make changes to your Medicare Advantage plan

We’re always here if you want to review your plan! Talk with one of My Senior Health Plan’s knowledgeable insurance professionals to get more information on OEP, MediGap and MA today. 

image credit: shutterstock/Budimir Jevtic