Every year during Medicare Open Enrollment (October 15 – December 7) you can shop for a Medicare Advantage or Part D plan. But why would you switch plans? The answer to that question depends on your current Medicare coverage, its costs, and your individual needs.

Many people choose a plan when they first enroll in Medicare and then never look back. They simply stay with the same plan year after year. In general, Medicare Advantage and Part D plans automatically renew your enrollment every year if you don’t take any action. Automatic plan renewal may make it easy, but it still makes sense to review your current plan benefits. Coverage and costs may change from year to year, as can your health care needs.

Here are three reasons why you may want to shop around for a different plan:
1. Save Money
• How much are your plan premiums for 2016?
• What deductibles will you owe?
• What co-pays and coinsurance amounts will you be responsible for?
• Will you be covered for the health care services you usually use?

2. Use the Doctors, Pharmacies, and Hospitals You Prefer
• Are your doctors or other providers in your plan network for 2016?
• Are you willing to choose a different doctor to stay within a plan network?

3. Manage Your Medications and Prescription Drug Costs
• Are the prescription drugs you take on your plan’s formulary for 2016?
• What will your co-pay be when you fill a prescription in 2016?
• Has your doctor recently prescribed any new medications for you?
• Have you recently stopped taking any prescription drugs?

Remember that your current plan will automatically renew for next year if you don’t do anything. Keeping your current plan may work for you, but just remember that you have choices. It could pay to shop around.

For more information, contact us at 941-405-3900.

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