If it feels like a good time to save money, it may be a good time to review your Medicare Advantage insurance plan options. It’s more common than you may think.
According to a recent survey, the top two reasons people made changes to their Medicare Advantage plans during the last Fall Open Enrollment period were lower premiums and better prescription drug coverage.
More than one-third of Medicare Advantage enrollees have changed their Medicare Advantage plans in the past, as stated in a 2020 survey conducted by leading health insurance exchange eHealth. With enrollees in their 70s, 49 percent indicated they had made changes to their Medicare Advantage coverage at least once in the past.
Medicare Advantage plans are health insurance plans offered by private health insurance companies approved by Medicare. Medicare Advantage health plans (such as HMOs and PPOs) are legally required to offer at least the same benefits as Original Medicare but can include additional coverage as well, such as routine vision or dental benefits, telehealth appointments, health wellness programs, or prescription drugs.
To be eligible for Medicare Advantage (also called Medicare Part C) you must:
If you are interested in Medicare Advantage, now is a good time to start considering your options. Medicare’s Annual Election Period runs Oct. 15 through Dec. 7 each year.
In addition to lower premiums and better prescription coverage, which accounted for 63 percent of survey respondents who made a change, findings indicated other reasons people change Medicare Advantage plans include:
If you are interested in exploring different plan options, there are tools and resources available to make the process quick and easy. Visit eHealth’s non-government website www.Medicare.com for educational resources, online search tools, and live telephone support to review your coverage needs and get your questions answered.
These tools can help you see which plans include your doctors, hospitals, and your prescription drugs.
The eHealth survey found that a majority of Medicare Advantage plan enrollees during the last Fall Open Enrollment Period did not intend to change their coverage. If you choose to review your plan you may find there is a more suitable plan for your health needs and budget. Either way, plan coverage, cost, and provider network can change year to year, so it is important to review your coverage each year during the Medicare Annual Election Period.
*This article was republished with permission from and in partnership with eHealth. Through Sunshine Retirement Living’s partnership with eHealth, you can research and compare your Medicare plan options, please click here. Or you can give them a call at 844-833-5901 (TTY 711) to speak to one of their licensed insurance agents.