Medicare Annual Review

Understanding Your Medicare Coverage

Medicare coverage is essential for many individuals, especially as they age. Each year, it’s crucial to review your Medicare plan to ensure it meets your needs. At Mountaintop Insurance Solutions in Bend, Oregon, we are here to help you understand your coverage options and make the best choices for your health.

Why Review Your Medicare Plan Annually?

With the help of insurance companies in Bend, OR reviewing your coverage each year can help you avoid unexpected out-of-pocket costs and ensure that your plan still fits your healthcare needs. Medicare beneficiaries should use the annual enrollment period to reassess their current plan. This is particularly important if there have been changes in your health, or medications, or if you have new healthcare providers.

• Changes in prescription drug needs
• Adjustments to premiums and deductibles
• Updates to the list of covered providers may affect your access to in-network services.
• New plan options available
  
  

Enrollment Periods Explained

Understanding the different enrollment periods is key to managing your Medicare coverage effectively. Here’s a breakdown:

• Annual Open Enrollment Period: October 15 to December 7. The best time to make changes to your current Medicare plan.
• Annual Enrollment Period: Also known as the Medicare open enrollment period, this is when you can switch between traditional Medicare and Medicare Advantage plans.
• Special Enrollment Period for Medicare Part B allows you to sign up during specific times. Available for certain life events like moving or losing other insurance coverage.
  
  

Medicare Advantage Plans

Medicare Advantage plans, also known as Medicare Part C, offer an alternative to traditional Medicare and may include supplemental coverage. These plans often include additional benefits like dental, vision, and prescription drug coverage. If you are enrolled in Medicare Advantage, it's crucial to review your plan annually to ensure it still meets your needs.

Consider the following when reviewing your Medicare Advantage plan: any changes in the past year and how they may affect your coverage.

• Changes to your health or medications
• Adjustments in premiums, deductibles, and copayments
• Network changes affecting your healthcare providers
  
  

Prescription Drug Plans (Part D)

Prescription drug coverage is an essential component of your Medicare plan. Medicare Part D plans cover your prescription drug costs, but these plans can change yearly, as indicated in the annual notice of change. Reviewing your drug plan during the annual enrollment period can ensure you’re getting the best coverage for your medications.

Key factors to consider:

• The cost of premiums and deductibles for Medicare Part B can change annually, so it's important to stay informed.
• Formulary changes (list of covered drugs)
• Pharmacy network changes may affect your in-network options for prescription coverage.

We offer personalized services including assistance with understanding your plan coverage.

• Annual reviews of your current Medicare plan
• Assistance with enrollment and re-enrollment
• Support in understanding changes in Medicare benefits
• We provide guidance in choosing between traditional Medicare and Medicare Advantage plans, including Medigap options.

If you’re ready to review your Medicare coverage and explore your options, don’t wait. Contact Mountaintop Insurance Solutions today. Our Bend, Oregon team is ready to assist you with all your Medicare needs. Call us at (541) 641-8886 for help with your Medicare options, including supplemental coverage. (541) 641-8886 or visit our website to schedule an appointment. Let us help you make the most of your Medicare coverage each year!