Top 3 Reasons Why You Should Review Your Medicare Plan Every Year

While it is not technically required, it is wise to review your Medicare plan every year. Both Medicare and your finances may change every year. Planning ahead can help you make the best choices for you. Read on to learn the top 3 reasons why you should review your Medicare plan every year.

#1 Medicare Prices Increase

Medicare prices normally do not change drastically every year. However, by reviewing your plan every year, you can anticipate these changes. For example, this year more people than ever are enrolling in Medicare Advantage plans. This means that the monthly premiums are going down significantly. If you did not enroll in a Medicare Advantage Plan last year due to high premiums, you may want to enroll in one this year because the premiums are low. However, you would not be aware of these changes if you did not review your Medicare plan every year.

#2 Your Finances Change

Your finances may change every year, which should prompt you to address your budget. If your income increases, you may be able to afford more comprehensive coverage, like a different supplement plan or Medicare Advantage Plan. If your income decreases, you may qualify for different forms of aid to reduce your monthly premiums.

#3 You Do Not Want to Miss the Enrollment Periods

There are only certain times out of the year that you are allowed to enroll in Medicare or switch Medicare plans. You are allowed to enroll in Medicare during the Initial Enrollment and General Enrollment Periods. You are able to switch plans during the Annual Enrollment and Open Enrollment Periods. If you qualify, you are also able to enroll in or change plans in the Special Enrollment Period. It is important to review your Medicare plan every year so that if you decide to change it, you can plan ahead and make your revisions during the enrollment period. 

Just as your body changes with time, so may your Medicare needs change. It is important to review your needs every year. If you would like a professional to review your Medicare needs with you, contact Temmen Insurance today.

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