If you are someone who has recently turned 65 or by some other means has been thrust into the world of Medicare insurance, you may be overwhelmed with all of the decisions that need to be made. There are so many different plans and seemingly, not a ton of resources to help you figure out what you should do. Fortunately, below you will find a small checklist of things that you can do to make the process of getting all signed up for Medicare a little bit easier.
Review the Drug Formulary
One of the most expensive parts of getting older is being able to pay for your monthly medications. Some specialty medications can cost a fortune for just one month of treatment. In an effort to make your Medicare a bit more affordable, you should check the drug formulary of any plans you are looking at. This can be done by entering your medications on Medicare.gov. Once you have put in the medications you need each month, the website will only show you plans that cover your medications since they will be substantially more affordable.
Check Your Budget
Your budget can really determine which plans you can afford each month. While everyone has to pay the Part B monthly premium of $148.50 (the 2021 premium), some plans do not cost anything on top of that. Others will charge you an additional premium. Make sure that before you sign up for a plan you know exactly how much you will be required to pay each month.
Call Your Doctor
Before you sign up with a plan, call your doctor and ask if they accept it. If they don't or if you don't call, you may have to switch doctors. If keeping your current doctor or specialist is important for you, or imperative for your health, you will want to find a plan that they accept. Keep in mind that if you do decide to switch doctors, some Medicare doctors can be hard to get in with. You may want to call around and see who is accepting new patients.
In conclusion, while Medicare can be extremely confusing, the good thing is that you just need to think about your needs for the year. Open season each October to December allows you the opportunity to change your plan if you need to, and that is every year. This allows you to change your plan based on your needs.
For help with finding Medicare coverage, contact a local insurance provider.