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It’s Time to Review your Medicare Plan

Medicare CardThe holiday season is just around the corner so it’s time to start making those lists, but also remember it’s time to review your Medicare plan’s health and drug benefits. Here are some key things to look at when you receive your annual notice of change book:

First, you should always review your premium. This is especially important for folks who are on a fixed incomes. It’s crucial to know what the value of your health care dollar is.

The second thing to look at is your benefits. Even if your premium amount remains the same your benefits can change from the prior year. Look for changes in benefits such as hospital and outpatient surgery co-pays and drug formularies.

Also check your deductibles. Changes in drugs formularies may affect you greatly as there may be a drug that changes tiers or becomes a non-covered drug. You don’t want to be at the pharmacy in January or February and find out that a medication you are taking is no longer covered. You also may not have the option to change your plan at that point.

You will want to take a look at your plan for deductible changes or deductible additions. Does your plan have a deductible on drugs? Does it have a deductible on medical treatments? People will often overlook these changes because a benefit review is not performed.

It is of the utmost importance that you review your coverage annually. We know understanding your insurance coverage can be very difficult at times. Please give us a call if you have questions. We are here to help.