As the shopping season for Medicare coverage approaches, eligible individuals will have from Oct. 15 to Dec. 7 to sign up for 2025 Medicare Advantage plans or add a prescription drug plan to traditional Medicare coverage. Due to major insurers cutting costs and pulling back from markets, many people on Medicare Advantage plans may need to find new coverage. Experts also predict some price increases for Medicare prescription drug plans. With dozens of options available during this enrollment period, it is important for shoppers to start thinking about their coverage before the window opens.
Many people wait until after Thanksgiving to decide on their coverage plans for the new year, but this year, Thanksgiving falls on Nov. 28, leaving slightly more than a week to decide before the enrollment window closes. It is crucial to look beyond the premium when choosing a plan, as price is only one factor to consider. Shoppers should ensure that their doctors are in the plan’s coverage network, understand how prescriptions would be covered, and know the maximum amount they would have to pay in case of a serious health issue.
In addition to core coverage, Medicare Advantage plans offer supplemental benefits such as help with food or utility bills. However, it is important not to let these extra benefits distract from understanding the main coverage. Health insurance is primarily for major health issues, not frills, so shoppers should focus on the big picture. The federal government provides a plan finder tool for comparing options, and the State Health Insurance Assistance Program can also be a valuable resource. Insurance brokers or agents can guide customers through the selection process, and if a plan’s coverage does not meet expectations, there is another enrollment window in the first three months of the year for making changes.
Overall, as the Medicare coverage shopping season approaches, it is essential for eligible individuals to start considering their options before the enrollment window opens. With major insurers cutting costs and some price increases predicted for Medicare plans, many people on Medicare Advantage plans may need to find new coverage. Shoppers should look beyond premiums and consider factors such as network coverage, prescription coverage, and out-of-pocket costs for serious health issues. Supplemental benefits can be enticing, but it is important to focus on core coverage when making a decision. Utilizing resources such as the federal plan finder tool, the State Health Insurance Assistance Program, or insurance brokers can help individuals navigate the selection process and make informed choices about their Medicare coverage.
