For all of us seniors, it is that time again. Medicare open enrollment starts October 15th and goes through December 7th each year. This is an opportunity to review your current plan and make changes or keep what you have. So, let’s review what open enrollment means for you.
- A chance to review the plan you currently have. If you are happy with the plan you have, you should still review it to be sure it is still a good one for you.
- Verify that your current doctors, specialists and hospitals are still in network for your plan.
- Check your plan to be sure your medications are covered and what tier they fall under.
- Compare the monthly premiums, annual deductibles, copayments and out of pocket limits for the new year.
- Consider any upcoming health issues you may need. If you are planning any upcoming procedures or surgeries and have to travel outside your local area, that there is coverage through your plan.
- Maybe your income has changed and the plan you have now has increased in premium and out of pocket expenses, now is a good time to see what else is out there that would suit your needs better.
- Some Medicare advantage plans reduce their extra perks year to year, so if you are one of those that take advantage of the perks, be sure you review your current plan or a new one during the open enrollment time.
- The cost-of-living adjustment (COLA) for social security recipients is 3.6% in 2027. However, there are cost increases that are expected in 2027 that include the standard Part B premium. It is expected to increase by $6.60 moving to $209.50 and the Medicare Part B deductible is projected to increase from $283.00 to $292.00 These increases will absorb a portion of the 3.6 COLA raise. These still have to be confirmed by Medicare. I bring these points up because I believe it is very important to review your plan with a company representative or a representative in your community that is knowledgeable in the Medicare area.
My wife and I need to pick a new plan because for the 2nd year in a row, our plan is not going to be offered next year. Take advantage of this open enrollment time; to be sure you have the right plan that fits your needs and budget for 2027. If I can be of any help, please reach out to me at 814-931-1043.