It’s hard to believe we are talking about the new, 2023 Medicare Advantage Plans when it’s only August. It seems every year around this time we look back and say, “How did the year go by so fast”?
Every year on October 1st, insurance companies offering Medicare Advantage and Medicare Part D plans begin to release and showcase the new plans, cost and benefits for the upcoming calendar year.
Although plan details become available to the public on October 1st, the first day of the Medicare enrollment period doesn’t begin until October 15th.
Regardless of how you make reminders for yourself, the dates October 15th-December 7th should be an annual, re-occurring event on your calendar.
2023 Medicare Advantage plan benefits
Remember, not all Medicare Advantage plans, or benefits are available in all areas. It’s always best to call or use our online quote tool. Either option will require you to provide some personal information, to pull plan specific information in your region.
Below is a list of some of the most common updates to 2023 Medicare Advantage plans benefits we’ve seen.
- Medicare Flex Card. While this benefit has been available on some Medicare Advantage plans in the past, it seems some of the 2023 Medicare Advantage plans will offer higher amounts (up to $5,000). We’ve also seen early looks that you may now be able to use the Flex Card to pay for rent, utility bills, gas, food and more.
- Dental, Vision and Hearing. Not all Medicare Advantage plans include dental vision and hearing. In most cases, you still may only be covered for routine services, have waiting periods and be capped at $1,000/year. However, we are seeing 2023 Medicare Advantage plans increase that amount as high as $5,000. Some 2023 Medicare Advantage plans are now covering more comprehensive care.
- Prescription Cost. Thanks to the approval of the IRA (Inflation Reduction Act) there is good news on the horizon. Drug costs will continue to gradually decrease for Medicare beneficiaries. We highly encourage our clients to choose a Medicare Advantage plan that includes drug coverage. The common exception are veterans that carry creditable VA coverage.
Medicare Annual Enrollment Period
There are a number of Medicare enrollment periods. The most well-known is the Medicare Annual Enrollment Period.
The annual enrollment period, also known as AEP, runs each year from October 15th-December 7th.
If you fail to make changes to your Medicare Advantage or Medicare Drug plan during this enrollment period, you may be locked into your existing plan for the following year.
In some circumstances, you may be eligible for the Medicare Advantage Disenrollment Period (MADP), which runs from January 1st-March 31st.
You may also be eligible for one of several Special Enrollment Periods. In any event, you should be sure to speak with a licensed agent that can provide guidance on which Medicare enrollment period you are eligible for and assist with plan selection and enrollment in your area.
Common Annual Enrollment Period Mistakes
- Assuming your current plan is the same as last year, so you don’t need to shop and compare plans
- Blindly make a plan change based on the neighbor, friend, or family recommendation
- Medicare Supplement Plans are guaranteed issue
- I didn’t know I had to change my plan
Every year these seem to be the most common misconceptions we hear from new clients or existing Medicare beneficiaries. This is why it’s so important to find a good broker, like Senior HealthCare Solutions that will help keep you informed and make all of this Medicare jargon, simple.
Just because you have a plan that’s worked well doesn’t guarantee the plan won’t change. The premium or copays could change, the doctor or hospital, the prescriptions and so on. There are many moving parts to Medicare Advantage and Medicare Drug plans- don’t become complacent with your health insurance.
We’ve also spoken with people that say, “Well, my neighbor had it and it seemed better than my plan, so I called the company up and enrolled”. The problem with that is often times we don’t have the same lifestyle, budget, needs and wants as our neighbor or even a friend or family member.
With that said, you need to be sure that you are checking critical information such as prescriptions you take, pharmacy you prefer and any doctors you wish to see. Not all plans work the same and may have higher cost if you see non-preferred medical facilities and pharmacies.
Get Help Comparing 2023 Medicare Advantage Plans
Our woman-owned, family-operated agency has assisted thousands of Medicare beneficiaries since 2014. Our licensed and knowledgeable agents will do the heavy lifting for you. We represent over 25 top-rated Medicare insurance companies and can efficiently help you find a plan to fit you.
Call 866-633-4427 now to speak with a licensed agent in your state. You can also click here to schedule an appointment at a time convenient for you.