When we turn 65, it’s time to enroll in Medicare. But the decisions you make at that time can be reevaluated every year as your healthcare or financial needs change. And we want you to participate in the plan that best suits you. So, as you evaluate your Medicare plan on an ongoing basis, watch out for these three common mistakes.
Stay on top of your Part D (prescription plan) coverage. You might enroll in a Part D plan or choose a Medicare Advantage plan that includes Part D coverage, to help with the cost of your prescription medications. But because medication needs can change over time, you should check your plan’s formulary (list of covered drugs) each year to be sure it still suits your needs.
And for that matter, Part D plan premiums can change, too. Always shop around each year, to be sure you’re still covered by a Part D plan that offers the coverage that is right for you.
Pay attention to your plan’s network and any changes. If you decide upon a Medicare Advantage plan, your healthcare providers will be organized through a network. So each year, you need to be sure your preferred providers are staying in that network, and that you can access the facilities of your choice. If the network does change, talk to your insurance professional about your other options.
Don’t assume that you need to be on the same plan as your spouse. If you and your spouse are accustomed to making all your decisions together, it might just feel natural that you would enroll in the same Medicare plan. But because the two of you might have different medical needs or prefer different doctors, you might need different healthcare plans, too.
And of course, remember to take advantage of the free guidance we can offer. Call us any time to speak with a licensed agent when you have questions about your Medicare coverage.