What Do I Need to Do After Open Enrollment Is Over?
Once open enrollment is over, you might feel a bit on edge. Did I miss something? Am I forgetting something? Should I be doing something now?
We understand the feeling, and while your Part D plan is now taken care of, there are 4 things to do after open enrollment is over.
1. Do Your Medicare Supplement Annual Review
While open enrollment is a great time to meet with your agent, it might not be the time to review your Medicare Supplement.
The open enrollment period (October 7-December 15) is for choosing a Medicare Part D drug plan.
Assuming you sign up for Medicare when you are first eligible, you generally purchase your Medicare Supplement around your 65th birthday. As you know, birthdays can fall at any time during the year.
If your birthday falls outside of the October-December 15 open enrollment period, you might want to meet with your agent again to do an annual review.
You can also meet with a specialist here at Sams/Hockaday. An annual review is free, and it’s something you should absolutely take advantage of.
Your annual review is a great time to make sure you’re up to date and that your plan is still the most competitive plan on the market.
Who knows? Perhaps you’ll walk out of your annual review with some great cost savings.
2. Keep an Eye On Your Part D Drug Costs
During the open enrollment period, you likely signed up for a drug plan.
It’s important now that you keep an eye on your drug costs. Make sure your plan is covering your drugs properly, and if they decide to no longer cover your drug, ask your agent about filing an appeal.
3. Evaluate Your Medicare Advantage Plan
If you signed up for a Medicare Advantage Plan, and you decide you don’t like it, you have until February 14 to cancel it and switch back to Original Medicare.
This is called the Disenrollment Period, and it lasts from January 1-February 14.
Many individuals try out a Medicare Advantage Plan and decide that the coverage isn’t all they hoped it would be.
If that might be you, be sure to tell your agent before February 14.
4. Talk With Your Agent About Your Medicare Plan
The open enrollment period is the “busy season” for insurance agents and agencies, while January through March is generally a bit slower.
This is a fantastic time to set an appointment with your agent to cover your Medicare Plan.
Because this is a slow time of year, there isn’t a sense of urgency, and you can really take the time to make a solid financial plan for your retirement.
Our team at Sams/Hockaday does a “Medicare Planner,” which evaluates your personal risks and makes personalized recommendations based on them. This is a free service we offer to anyone who is getting ready for Medicare or who is already on Medicare.
If you’d like us to do a personalized Medicare Planner for you, please go to the scheduling page to choose whether you want to come to our office or have us come to your home.
Get Your Medicare Planner
Using our planner takes the headache out of Medicare… because it’s personalized just for you, showing you what areas you need to focus on right away, or in upcoming years, and what you can ignore.Get My Planner