The shopping season for Medicare coverage is about to begin. With that comes the annual onslaught of TV ads and choices to consider.
People who qualify for the federal government Medicare program From October 15 to December 7, you’ll have access to Medicare Advantage plans for 2025, which are privately run versions of the program. They can also add a prescription drug plan to traditional Medicare coverage.
Many people on Medicare Advantage plans will likely have to find new coverage as major insurance companies cut costs and withdraw from the markets. Industry experts also expect some price increases for Medicare prescription drug plans.
Shoppers often have dozens of options during this sign-up period. Here are some things to consider.
Don’t put off shopping for Medicare coverage
Start thinking about next year’s coverage before the annual enrollment period begins. Insurers typically preview their offerings or notify customers of any major changes. This makes it important to read anything that comes in the mail from your insurance company.
Insurance agents say many people are waiting until after Thanksgiving to decide coverage plans for the new year. That may be a mistake this year: The holiday falls on November 28, leaving just over a week to decide before the registration window closes.
Look beyond the insurance premium
Many Medicare Advantage plans promote a premium of $0. This may sound attractive, but price is only one variable to take into consideration.
Shoppers should find out if their doctors are in the plan’s coverage network and how prescriptions will be covered. They should also know the maximum amount they will have to pay under the plan if a serious health problem arises.
Plans provide many additional benefits, including help paying food or utility bills. “Don’t let those distract you from understanding basic coverage,” said Danielle Roberts, co-founder of Boomer Benefities, an insurance agency in Fort Worth, Texas.
“Remember, we buy health insurance for the big things, not the frills,” she said.
How to get help purchasing plans
The federal government works Plan finder That allows people to compare options. the State health insurance assistance program It could be another resource. Insurance brokers or agents also guide clients through the searches.
Sometimes, plan coverage doesn’t work as expected. If that happens, there it is Another recording window In the first three months of each year when some shoppers may be able to make a change.