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Medicare’s annual Open Enrollment also known as Annual Enrollment Period (AEP) is only a few weeks away. Beginning on October 15 and running through December 7, Open Enrollment is a crucial period for millions of older Americans – within this window, all Medicare beneficiaries have the opportunity to change their plan selection to make sure their individual needs are met.
With thousands of Medicare plans available nationwide, you would think that most beneficiaries would review alternative plan options – especially if they’re given a yearly designated period to do so. However, through our recent survey, which gauged sentiments of more than 1,000 current Medicare beneficiaries across the U.S., we found that 38% of respondents are considering changing their Medicare plan this upcoming AEP, while 62% are most likely not planning to review their plan.
In response to a separate question, 72% of participants indicated that they do not fully and completely understand the features of their current plan. So why are most respondents uninterested in exploring other plan options?
Even if pleased with their current carrier, Medicare beneficiaries should compare their coverage to new plan options available to them during the AEP for several important reasons:
- Plan offerings change from year to year. Medicare Advantage, for example, has 3,834 plans available nationwide this year, according to KFF. This is an 8% increase from 2021, and the largest number of plans offered in over a decade. As the Medicare marketplace continues to change, consumers should be open to new options that better fit their evolving needs.
- Medicare health and drug plan costs can change from year to year. An individual may find cheaper coverage options with another plan, especially if their existing plan asks for increased out-of-pocket spending.
- Beneficiaries simply may not need a particular benefit anymore. By sticking with their existing plan, they may be missing out on a cheaper plan that covers exactly what they need.
The Centers for Medicare and Medicaid Services (CMS) recommends that Medicare beneficiaries conduct a yearly Medicare plan review. According to CMS, since each year brings new health plan and drug coverage choices, beneficiaries should review their current health and drug coverage each fall, and make sure your plan is still right for them.
Reviewing Medicare plans yearly shouldn’t be something to be afraid of, and it certainly shouldn’t be seen as a burden. Ultimately, it can save recipients money and improve their health outcomes.
Still, millions of Americans skip plan re-evaluation each year. Perhaps this is because they view Medicare’s AEP as overly complicated. The notorious complexities of Medicare in general may discourage millions of older Americans from even considering a different plan. The thought of picking up the phone, discussing intricate options with health care providers, or even trying to navigate the Medicare website can be energy-draining.
Hella Health helps older Americans choose the plan that fits their needs from the very beginning. Our technology helps beneficiaries stay on top of any changes, whether they be the beneficiaries’ evolving needs or the Medicare marketplace itself.
We help with plan management at all stages along the Medicare journey – from initial enrollment to continuous plan monitoring and annual assessments to provide peace of mind that the current plan continues to be the right fit. Using our simple, fully online platform, beneficiaries can easily compare dozens of available Medicare plan features and select the one that fits their needs in just minutes. And the process becomes easier every year as the beneficiary takes advantage of their existing profile and ongoing alerts provided by Hella Health platform.
Re-evaluating your Medicare plan during AEP doesn’t have to be pushed to the backburner each year, nor does it have to be an intimidating thought. AEP gives every Medicare beneficiary the chance to at least explore what other plan options are out there, and with tools like Hella Health, that process can be efficient and stress-free.
Author Bio: Rafal Walkiewicz is the CEO and founder of Hella Health, the first 100% digital platform built to educate and enroll customers in Medicare plans. Rafal has a track record as a thought leader in the insurance industry. His innovative thinking and expertise in insurtech trends set him apart as a disruptor in a sector where change is long overdue. You can read some interviews here: https://bit.ly/3bMhGhz and https://bit.ly/3vVjzj0
