With Medicare’s annual election period fast-approaching (Oct. 15 through Dec. 7, 2011), take the time to assess whether your chosen plan is most appropriate for you, especially from a cost-perspective. Did you know that Medicare Advantage plans, also known as Medicare C, may cost substantially less than pairing traditional Medicare with a Medigap plan and prescription drug plan? In order to determine which option is best for you, consider some of the following:
1) Is it important for you to continue seeing the same doctor?
2) Do you have a preferred hospital or skilled nursing home/rehabilitation facility, if the need for such arises?
3) How much out-of-pocket cost can you afford (e.g. monthly premiums, co-payments and co-insurance amounts, as well as drug costs)?
Your answers to all of these questions may lead you to choose a different plan than you currently have. Take the time to re-assess your Medicare choices each year, not only for your own changes in needs, but because the plans and their provisions may change as well.