Should I change my Medicare coverage during open enrollment?

Medicare can be confusing and overwhelming, so this flowchart will help you navigate through the different considerations when evaluating and comparing Medicare options.

Are you satisfied with your current Medicare plan?

If yes, stay with your current plan. If no, move on to the next question.

What are your health care needs?

Consider any changes in your health status, prescription drugs, and any upcoming procedures that may affect your coverage needs.

Do you need additional coverage beyond Original Medicare?

Original Medicare consists of Part A (hospital insurance) and Part B (medical insurance). If you need additional coverage, you may want to consider enrolling in a Medicare Advantage (Part C) plan or a Medigap (supplemental) plan.

What are the costs of premiums, deductibles, and out-of-pocket expenses?

Compare the costs of your current plan with other plans that meet your needs. Remember to consider the monthly premiums, deductibles, copayments, and coinsurance.

Do the plans you're considering include your preferred providers and services?

Make sure the plans you're considering include the providers, specialists, hospitals, and services you need.

Do the plans you're considering include your prescription drugs?

If you need prescription drug coverage, make sure the plans you're considering cover your medications.

Do you travel frequently out of state?

Consider if your plan provides coverage for out-of-state services and providers.

What are the effective dates for any changes?

The Open Enrollment Period runs from October 15 to December 7. Make sure any changes you make will be effective on January 1 of the following year.

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Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.