Wednesday, January 19

Medicare Advantage 2022: Why should you review your coverage?

Medicare’s fall open enrollment period is coming to a close December 7. Those who do not take action will have their current coverage renewed automatically, but it may not be the best option.

Experts recommend to review your 2021 plan to see if any changes in your life make another plan a better fit. Those who don’t review their plan could miss out on savings and benefits.

Despite the advice, 67% of beneficiaries have yet to review their plan as of mid-November, according to a survey by Medicare Guide. The Kaiser Family Foundation reported that 71% of their beneficiaries did not look at their options in coverage during this window of open enrollment.

Juliette Cubanski, the deputy director for Kaiser’s Medicare policy program, said that those who don’t explore their options can be hit with the harsh reality that their plan changed for the upcoming year.

“It can be a really unpleasant surprise for people who think they’re happy with their plan and then in January they have to confront the reality that their plan changed,” said Cubanski. “Which has an impact on their care or out-of-pocket costs.”

The fall enrollment period for Medicare opened October 15 and today is the last day to change your coverage. Any changes will go into effect January 1 and include adjustments to copays, coinsurance, monthly premiums, deductibles, and the max out-of-pocket limit.

Source

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