Youre not the only one.
Its that time of year again: Medicare open enrollment.
During this roughly two-month period,Medicare beneficiariescan compare and adjust their coverage.
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Private insurance companies aggressively advertise their plans in hopes that youll sign up for them.
But should you switch plans during the Medicare open enrollment period?
How does the process work, and what are your options?
In this guide, we break everything you better know.
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What Is Medicare Open Enrollment?
Its the time when people who are already enrolled in Medicare can make changes to their plans.
If youre happy with your Medicare coverage, you dont need to do anything.
You dont need to renew your coverage.
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How Do You Sign Up for a New Plan During Open Enrollment?
There are two ways you’re able to enroll in a new plan during Medicare open enrollment.
Leaving out details can result in incorrect cost estimates.
see to it to carefully review details on any plan before signing up.
How to Get Free Help With Medicare Open Enrollment
Have questions about signing up for a plan?
A internet of free federally funded programs can help.
Or you might call the national connection hotline at 1-877-839-2675.
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How Do You Find Out What Medicare Coverage You Have?
Not sure if youre enrolled in Original Medicare or Medicare Advantage?
Cant remember the name of your Part D plan provider?
you’ve got the option to log on toMyMedicare.govto find out.
MyMedicare.gov is your all-in-one health insurance portal.
If you dont already have a MyMedicare account its quick and easy to set one up.
you’ve got the option to also see if youalready have an account.
This information can help inform your decisions during the fall open enrollment period.
Its free to set up your MyMedicare account.
The site is administered by the U.S. Centers for Medicare & Medicaid Services a part of the federal government.
What Are Your Medicare Coverage Options During Open Enrollment?
Everyone is enrolled in Original Medicare when they join the program.
Youll pay a monthly premium for Part B coverage.
Youll need to buy prescription drug coverage from a separate Part D plan.
You may also buy a Medigap supplement insurance plan to help pay for out-of-pocket costs Original Medicare doesnt cover.
During open enrollment you might:
Part D prescription drug coverage is technically optional.
But going without it or signing up late can result in a costlylate enrollment penalty.
Part D prescription drug plans change their formularies, or the list of drugs they cover, each year.
Medicare Advantage plans are sold by private insurance companies.
Many include additional benefits Original Medicare doesnt cover, like hearing, dental and vision coverage.
Youll pay a separate premium for your Medicare Advantage plan in addition to your monthly Part B premium.
Medicare Advantage plans also restrict you to a specific internet of doctors.
What You Cant Do During Open Enrollment
You cant sign up for Medicare during open enrollment.
Open enrollment is only for people already enrolled in Medicare.
Open enrollment also isnt the time to change your Medigap coverage.
Should You Switch to a New Plan During Open Enrollment?
Private insurance companies they administer Medicare Advantage and standalone Part D plans tweak coverage and costs every year.
The truth is not shopping around at least once a year can mean overspending on Medicare, experts say.
The notice explains what changes to premiums, deductibles, copays and coverage the plan will make next year.
If youre happy with your Medicare coverage and nothing is changing, then stick with your current plan.
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Rachel Christian is a Certified Educator in Personal Finance and a former senior writer for The Penny Hoarder.
