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5 Things to Consider Heading into the Medicare Annual Enrollment Period

The Medicare Annual Election Period is just around the corner, and there are a few things you should keep in mind before choosing your plan for 2023.

  1. What is your budget?

One of the most important things to consider when choosing a Medicare insurance plan is your budget. Consider what healthcare services you typically utilize and what their potential cost could be.  How much can you afford to spend on premiums, deductibles, and copayments? What is my maximum out of pocket on my current plan vs. alternate options?  It is important to research, analyze, and compare plans before you make a decision.

  1. What are your health needs?

Your health needs should be taken into consideration when choosing a Medicare insurance plan. For example, will the plan provide adequate coverage for your prescription drug needs?  Will the plan provide adequate coverage for my chronic health conditions?  Did the plan change their formulary (the list of covered prescriptions tied to your plan) impacting my prescription drug costs?

  1. What is your preferred provider network?

When it comes to Medicare insurance plans, you will want to select a plan that your providers work with. Knowing this should help you avoid unnecessary out of network plan expenses and provide the quickest access to your providers.

  1. Are there any extra benefits you need?

Medicare insurance plans may offer additional benefits, such as dental and vision coverage. If these additional benefits are important to you, an independent agent can assist you in securing your desired coverage.  Even if your preferred Medicare insurance option doesn’t include these additional benefits, an agent may be able to assist you in securing these benefits via a standalone plan option.

  1. How easy is the plan to use?

You will want to choose a Medicare insurance plan that is easy to use and understand. Make sure to read the fine print and ask questions if you’re unsure about anything. The last thing you want is to be stuck with a plan that doesn’t work for your needs.

This is by no means an exhaustive list of things to think about when choosing a plan.  There is no such thing as a perfect plan that suits everyone’s needs. Analyzing and comparing plans can prove as challenging as understanding the stock market, this is why working with an independent agent to review your coverage every year is so important.

Navigating the Medicare insurance maze can be very challenging and our team at VibrantUSA would be happy to help you every step of the way. Should you be interested in our support, do not hesitate to call us at 866-733-5111, email us at info@vibrantusa.com, or complete our online quote request form.

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