by Charissa Anderson, CFP®
Senior Vice President
A good practice for anyone covered by Medicare is to assess if your coverage is compatible with your needs.
Contrary to conventional wisdom, choosing health insurance may not be a one-time decision for most Medicare enrollees. Plans change … and of course needs may change over time too.
Changes to a plan may impact out-of-pocket costs, which doctors and pharmacies are in your network and the list of drugs that are covered. Given these yearly changes, it is a good idea for Medicare beneficiaries to reevaluate their coverage to make sure it still meets their needs.
Each fall, there is an opportunity to make coverage changes during the Medicare Open Enrollment period. Open enrollment begins on October 15 and lasts through December 7, with changes becoming effective the following January.
Medicare enrollees should consider the 3-Cs while evaluating choices:
Coverage
Cost
Convenience
If you find a better fit, you can switch, join or leave a Medicare Advantage Plan (Part C) and/or Medicare Prescription Drug Coverage Plan (Part D). A preview of 2020 Medicare plans can be found on the Medicare website.
As always, it’s good to review your financial plan as you are working toward retirement or in retirement. As changes occur, your assumptions in retirement planning and budgeting can also be affected. Understanding your healthcare costs today and in the future is a critical component of planning. Your portfolio manager can provide resources to help you navigate your decisions.