Before letting your Medicare benefits auto-renew, it’s important to review your current plan to ensure it continues to meet your needs. HealthMarkets outlines five essential questions to ask before allowing your Medicare plan to renew automatically.
Your healthcare needs might evolve from year to year, so it’s crucial to assess whether your current Medicare plan still provides the best coverage for your situation. Changes in your health could mean you need different specialists, treatments, or medications, which may not be covered as effectively under your existing plan.
Medicare Advantage plans often have networks of doctors, specialists, and hospitals. Provider networks can change annually, so it’s important to verify whether your preferred healthcare providers are still covered by your plan. If not, it may be worth exploring other plans that include the doctors or hospitals you want to continue seeing.
Prescription drug coverage can also change year to year. If you're taking specific medications, review your plan’s formulary (the list of covered drugs) to confirm that your prescriptions are still included. Any changes in drug coverage or pricing could significantly impact your out-of-pocket costs, so this is a critical aspect of your review process.
Even if the coverage seems similar, the costs associated with your plan—such as premiums, copayments, and out-of-pocket limits—may increase. It’s wise to evaluate these expenses annually to determine if your current plan still offers good value. You might find a plan with lower out-of-pocket costs or better coverage that could save you money in the long run.
Many Medicare Advantage plans offer additional benefits like vision, dental, or hearing coverage. These extra benefits can be incredibly valuable, but they might change from year to year. Make sure the plan you’re renewing still provides the services that are important to you.
Taking the time to ask these questions will ensure you’re making the best possible choice for your healthcare needs. If you find that your current plan no longer meets your expectations, Medicare’s Annual Enrollment Period offers an opportunity to switch to a better-fitting plan.
Getting some assistance can make the Medicare process much smoother. Consider the Medicare information above and work with an Insurance Storefronts Medicare independent agent in your community. This approach streamlines the process, helping you make informed decisions with less hassle.