When it comes to Medicare you have a lot of choices. Medicare open enrollment is from October 15th through December 7th, 2020. Here are some common mistakes that you don’t want to make during this time.
- Automatic plan renewal
Automatic renewal may make your life easy, but it might not be the best way to make your Medicare decisions. Plans consistently change, what they cover from year to year, including what you will pay in deductible, premium, copay or coinsurance amounts.
- Ignoring your plan’s Annual Notice of Changes (ANOC)
Each fall, you receive an Annual Notice of Changes (ANOC) from your Medicare Part D or Medicare Advantage plan (it should have already hit your mailbox!). This document explains any changes in your plan benefits or costs for the upcoming year. The changes may affect your health care and your budget, so take time to learn about what to look for in your ANOC.
- Making a plan choice on the premium
It’s easy to focus only on premiums when looking at Medicare costs. But it’s important to look at the big picture, too.
A plan with a low monthly premium may have a higher out-of-pocket cost. You might prefer this if you rarely go to the doctor and don’t take many medications. But a plan like this could be expensive if you use health care services often, even with the low premium.
- Assuming you don’t qualify for help with Medicare costs
Several programs offer financial assistance with Medicare premiums and other costs. You may want to look into them, even if you think you might not be eligible. Call your State Health Insurance Assistance Program (SHIP) office to discuss your situation.
Your health insurer may also offer programs and services to help manage your expenses.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
