After turning 65, and enrolling into Original Medicare, there is a period of time where you are able to change your plans, and switch to a Medicare Advantage Plan.
Many folks choose to change plans to get more benefits. The biggest reasons for people wanting to change include not having enough benefits for routine vision, hearing, or dental. Additionally, people who are traveling internationally realize that they don’t have any coverage – even with emergencies – when they travel out of the country. And maybe the most common reason people want to change or find a new plan is to get prescription coverage.
The good news is, you can change plans after your Initial Enrollment Period.
This allows you to get more benefits and, on some occasions, switching plans can also help you save money. Plus, having more coverage for these services means you aren’t paying for this out of pocket. Think about it. If your plan doesn’t cover prescriptions, you might find yourself spending hundreds, even thousands, each year to get your medications. But on the right plan, with the right coverage, you could be covered, meaning no out-of-pocket costs.
Make sure to do this during the annual election period, also called annual enrollment period – which starts on October 15 and lasts through December 7. Making changes during this time will keep you away from penalties.
See what plans you may qualify for.
Speaking of enrollment periods, another way to save money on Medicare is to make sure to enroll within your Initial enrollment period the first time. Failing to do so will result in late fees and penalties you will be stuck with for the rest of your life. Ouch! Remember, this is the period of time that is 3 months before your 65th birthday, the month of your 65th birthday, and the 3 months following it.
Another great way to save money is by staying in your plan’s provider network. Medicare has a network of doctors, pharmacies, etc. that will cover your expenses. Going to someone (or somewhere) else will result in extra charges you will be stuck paying out of pocket. To make this easier, always check to see if the provider takes Medicare before you schedule a visit.
Finally, know your options before you buy! Working with the right company will ensure you find the best plan for you. If you need support, we are here for you. Just take our quick quiz to find the best plans for you!