Medicare insurance shopping season is almost here. With that comes the annual onslaught of TV advertising and the need to consider your options.
People eligible for the federal Medicare program will have to sign up for a 2025 Medicare Advantage plan, the privately run version of the program, from Oct. 15 to Dec. 7. You can also add a prescription drug plan to your traditional Medicare coverage.
Many people with Medicare Advantage plans will likely need to find new coverage as major insurance companies cut costs and exit the market. Industry experts also predict a slight increase in prices for Medicare prescription drug plans.
Shoppers often have dozens of options during this sign-up period. There are several things to consider here.
Don’t Put Off Buying Medicare Insurance
Start thinking about next year’s coverage before the annual enrollment period begins. Insurers typically preview their services and inform customers of any major changes. Therefore, it is important to read all emails you receive from your insurance company.
Insurance agents say many people are waiting until after Thanksgiving to decide on insurance plans for the new year. That may have been a mistake this year. The holiday falls on November 28th, so there is just over a week left to make a decision before the registration period ends.
Looking beyond premium
Many Medicare Advantage plans recommend a $0 premium. While that may sound appealing, price is only one variable to consider.
Shoppers should check whether their doctor is in the plan’s coverage network and how their prescriptions will be covered. You should also know the maximum amount under your plan that you will have to pay if you develop a serious health problem.
Plans offer many additional benefits, including assistance with food and utility payments. Daniel Roberts, co-founder of Boomer Benefits, an insurance agency in Fort Worth, Texas, said these things can distract you from understanding your core coverage.
“Remember, we buy health insurance for the big things, not the extras,” she said.
How to get help purchasing a plan
The federal government operates a plan finder that allows people to compare options. State health insurance assistance programs are another resource. Insurance brokers and agents can also guide customers through their searches.
In some cases, plan coverage may not work as expected. If that happens, there will be another registration period in the first three months of each year that some shoppers may be able to change.
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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Education Media Group. AP is solely responsible for all content.
