Medicare Open Enrollment: Should You Adjust Your Coverage?

Medicare open enrollment is around the corner, and it’s the perfect time to review your current healthcare plan and assess whether it still meets your needs. Open enrollment allows you to make changes to your Medicare coverage, whether it’s adjusting your Advantage plan, switching to original Medicare, or tweaking your prescription drug coverage. But how do you know if a change is the right move?

Evaluate Your Current Plan

Before deciding whether to change your plan, consider how well your current healthcare benefits have served you over the past year. Some questions to ask yourself include:

  • Have your health needs changed?
  • Were there any gaps in coverage?
  • Did you face unexpected out-of-pocket costs?
  • Were your preferred doctors and hospitals covered?

This evaluation will help you determine whether your existing coverage is still the best fit or if it’s time to explore other options.

Be Aware of Sales Tactics

During open enrollment, it’s not uncommon to encounter sales agents or advertisements promoting new plans. These agents may be incentivized to push specific products, as their income is tied to commissions. While they can provide valuable information, it’s essential to remember that their primary goal is to sell you a product.

Making a healthcare decision based on sales tactics can lead to choices that don’t align with your long-term financial or medical needs. This is where it becomes crucial to seek advice from someone who isn’t just trying to sell you something, but rather has your best interests at heart.

Fiduciary Advice Puts You First

As a fiduciary, my role is to provide unbiased advice tailored to your unique situation. I don’t earn commissions on any products, including health insurance plans. This allows me to offer a clearer perspective, helping you make decisions that benefit you, not the seller. Sometimes, it’s helpful to have someone in your corner—someone who isn’t pushing a specific product but is focused solely on finding the best solution for you.

Should You Make a Change?

To help guide you through the decision-making process, I am posting the below flowchart that outlines the key considerations when evaluating your healthcare benefits.

Disclaimer:

The information provided in this financial planning post is intended for general informational purposes only and should not be construed as personalized financial, investment, tax, or legal advice.

Financial planning is a complex and highly individualized process that takes into account your unique financial situation, goals, and risk tolerance. While this post aims to provide useful insights and guidance, it is not a substitute for professional advice tailored to your specific circumstances. We strongly recommend that you consult with a qualified financial advisor, tax professional, or legal expert before making any financial decisions or implementing any financial strategies. Any decisions made based on the information in this post are solely at your own risk.