Medicare and Supplementary Plans Change Every Year
Medicare is the popular health insurance plan for people who are 65 years or older. Younger people with disabilities and can also benefit from this plan. For instance, people with End-Stage Renal Disease (ESRD) are eligible for Medicare. This health insurance plan covers specific services and these these services are categorized under Medicare Part A, Medicare Part B, Medicare Part C and Medicare Part D. below are the features of each of these parts.
Medicare Part A (Hospital Insurance)
This covers some aspects of hospice care, stays in the hospitals, some health care and nursing facility care.
Medicare Part B (Medical Insurance)
This option covers medical supplies, certain preventive services and some doctors’ services.
Medicare Part C (Medicare Advantage Plans)
This plan is usually offered by a private company that contracts with Medicare. Under this plan, you enjoy both Part A and Part B benefits. Most Medicare Advantage Plans provide prescription drug coverage and a number of other benefits.
Medicare Part D (Prescription Drug Coverage)
This adds prescription drug coverage to other plans such as the Original Medicare and Medicare Medical Savings Accounts Plan. The Medicare Part D is provided by insurance companies and other private firms approved by Medicare.
Keep Track of Annual Changes in Your Plan
If you have any of the Medicare Plans above, you should keep track of changes in the plan you have chosen. This is because Medicare and the carriers who offer some of these plans make changes to these plans every year. Below are some more reasons you should review your Medicare policy every year.
Changes in Your Health
Your health may change over the course of a year. If this happens, you need a policy that is just right for you. For instance, you may find that you need new drugs that you did not need in the previous year. In this case, you should review your Medicare coverage to ensure that the new drugs are covered. It is also possible that some drugs you were taking in the past are no longer useful to you in the present. You have no reason to pay for drugs you do not need so you should review your Medicare coverage to reflect the current reality.
Annual Changes in Drugs
Some Medicare private drug plans change the list of drugs they cover every year. Your drugs are vital and you do not want any unexpected changes to have a negative effect on your health. In case some of the drugs you are taking are no longer covered by your Medicare plan, you need to make other arrangements immediately or switch to a more convenient plan.
Annual Changes in Cost
You have a budget for your Medicare plan and you want to stick to this budget. A sudden change in the cost of the premium for your Medicare plan may not be in your financial interest. To avoid any unpleasant surprises, you should review your Medicare plan annually. This way, you can easily move to a plan that is more budget-friendly if the need arises.
Getting a Better Deal
Even if you are completely satisfied with your current Medicare coverage, you can still shop for a better deal. It is possible to get the same coverage at a lower premium if you do a bit of window-shopping. It does not hurt to look at other Medicare options in your area. Compare them with your present deal and you may discover a cheaper and more convenient option.
You can change or modify your Medicare policy annually if you have good reasons to do so. You can also take out another policy to supplement the one you already have. Review your Medicare policy each year and you will discover the one that is just right for you.Read more