Do You Need to Re-Evaluate Your Medicare Plan Annually?

By RetireMEDiQ

As you may know, Medicare’s Annual Enrollment Period (AEP) is October 15 through December 7 and gives Medicare beneficiaries the opportunity to make changes to their Medicare coverage for the following year if necessary. The changes made during this period become effective January 1 of the next year.

In years past, Medicare plans changed frequently, creating the need for Medicare beneficiaries to re-evaluate their plan annually and research other plans that may better suit their needs. During this unstable time in the Medicare market, we encouraged our clients to schedule an appointment with us during AEP to review their current plan and evaluate if it was still the best fit for them.

Positive Changes in the Market

The market has changed for the better! In 2019, Medicare plans will experience the most favorable rate increase from the government in over 15 years, which means the government will pay insurance carriers more than it has in over a decade. Although in the past, Medicare beneficiaries have seen reductions in their plan benefits, the majority of 2019 plans are as good or better than 2018 plans.

For the first time, non-medical benefits are being made available on certain plans, and some plans include favorable new benefits, such as transportation assistance. Overall, Medicare plans have exhibited a strong trend of increasing stability, and we expect that trend to continue in the coming years.

Given the current market outlook, the only reason to evaluate a different Medicare plan for 2019 is if you have specific issues with the plan you are on now. If you are happy with your current plan and it suits your needs, we suggest you remain on that plan.

Men at marathon race

If you are still unsure as to whether you should evaluate other plan options for 2019, see our list of considerations below to help you determine what makes sense for your personal situation.

Reasons to Consider Other Medicare Plans for 2019: 

  • You are unhappy with your current plan
  • Your health needs have changed
  • Your financial situation has changed
  • You are enrolled in a Medicare Supplement plan and your premium has become costly
  • You will be losing a benefit you currently utilize and enjoy, such as your fitness benefit

If you have questions about your 2019 plan benefits or if you’ve decided you would like to review other plan options, please call us at 1-866-557-1313. Our team of experts would be happy to help you!

If you are not currently a RetireMEDiQ client and would like to learn more about our no-cost program and how we can guide you through your Medicare journey, contact us at 1-866-600-5638 or advice@retiremediq.com for more information.

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