N<\/span>ow that we are more than halfway through 2020 and are closer to Medicare\u2019s annual enrollment period<\/a> (Oct. 15 \u2013 Dec. 7), the changes being applied to Medicare in 2021 have been released. These changes cover budget updates, lowered drug costs, premium changes, and much more, leaving many beneficiaries with a lot to consider before deciding to keep or change their current Medicare plan.<\/p>\n However, first things first: Beneficiaries must understand what the annual enrollment period is, what changes they can make at this time, and how to weigh their decisions before fully understanding how the 2021 changes can affect their coverage. Let\u2019s dive in \u2026<\/p>\n The Medicare annual enrollment period, also known as the Medicare open enrollment period, happens every fall to enable beneficiaries enrolled in Medicare, Medicare Advantage, or Part D to make changes to their current coverage, which will then go into effect the following year. For 2021 Medicare coverage, the annual enrollment period runs from Oct. 15, 2020, to Dec. 7, 2020, for your coverage to begin in January 2021.<\/p>\n Beneficiaries can make several changes during the annual enrollment period, including:<\/p>\n \u2022 Switching from Medicare to a Medicare Advantage plan.\n\u2022 Swapping one Medicare Advantage plan for another.\n\u2022 Disenrolling from a Medicare Advantage plan and enrolling in original Medicare.\n\u2022 Enrolling in a Medigap plan if switching back to original Medicare.\n\u2022 Signing up for a prescription plan through Part D\n\u2022 Switching from one Part D plan to another if already enrolled.\n\u2022 Canceling your Part D coverage altogether.<\/p>\n First, you\u2019ll want to see what changes, if any, will be made to your current coverage in the coming year. Medicare Advantage and Part D benefits change every year, whereas original Medicare changes less frequently. Regardless, any changes will be documented the Medicare Annual Notice of Change Letter,<\/a> which is mailed to beneficiaries every September. This letter will let you know whether your premium, copays, pharmacy networks, and drug formulary are changing in the upcoming year.<\/p>\n If you\u2019re happy with the changes outlined in the Medicare Annual Notice of Change Letter, there\u2019s nothing you need to do during open enrollment. Your coverage will automatically renew. However, some reasons beneficiaries do decide to make changes after receiving this letter include:<\/p>\n \u2022 They receive significant increases in their premiums or deductibles.\n\u2022 Doctors of choice are no longer in-network under their current Medicare Advantage plan.\n\u2022 Their medication is no longer included on the list of covered drugs under the drug formulary<\/a>.\n\u2022 They need a new plan that offers a better value or offers more comprehensive coverage.<\/p>\n If you decide to make a change to your Medicare coverage, you\u2019ll want to make sure whatever changes you make will best suit your health care needs. To do so, there are a few important questions to ask yourself to help determine which plan will provide the coverage and support you\u2019re looking for.<\/p>\n First, you\u2019ll want to determine what your predicted annual medical costs are going to be. Put together a list of expected doctor visits and procedures you\u2019ll need over the next year and estimate what that will cost out of pocket with your current Medicare plan. Then add what you\u2019ll pay in premiums, and that will give you an accurate estimate of your health care costs in 2021. This is a good exercise to do with alternative Medicare plans you\u2019re considering switching to in order to compare total costs.<\/p>\n Next, you\u2019ll want to consider how often you\u2019ll be traveling in the coming year. If you\u2019ll be traveling frequently, it might make sense to delay care until you\u2019re settled in your primary home if leaning toward Medicare Advantage. But if you live in two different states or travel often, you\u2019ll want a plan with a nationwide network or original Medicare, which does not have provider networks.<\/p>\n Another consideration to keep in mind is if you want a plan that provides coverage for vision, dental, and hearing benefits. Original Medicare does not provide coverage for these services, but some Medicare Advantage plans do, although these benefits may not be as comprehensive as some would like, which may lead some to enroll in Medigap.<\/p>\n Lastly, you\u2019ll want to evaluate your current plan ratings through The Centers for Medicare & Medicaid Services star rating system. Medicare Advantage and prescription plans are rated on a scale of one to five stars, with five being the highest. If your current plan has a low rating, it may be time to consider a better plan.<\/p>\n Now that you\u2019ve taken these steps to help determine whether your current plan provides the coverage you need for the year ahead or if you\u2019ll need to change plans, it\u2019s time to factor in how the changes coming to Medicare in 2021 will affect this decision.<\/p>\n The biggest change coming to Medicare next year is President Donald Trump\u2019s new budget that aims to decrease Medicare spending by 7%<\/a> between 2021 and 2030, which has pros and cons for beneficiaries. One pro is enabling beneficiaries to see nurse practitioners as a primary caregiver, but one con is that many beneficiaries could see a reduction in their reimbursement rates.<\/p>\n However, one overwhelmingly positive outcome of this new budget is the \u201ccomprehensive drug pricing reform,\u201d which is estimated to reduce the federal deficit by $135 billion over the next 10 years. This has enabled [beneficiaries with diabetes to join Medicare plans that have caps on insulin pricing to prevent copays from exceeding $35 per month<\/a>.<\/p>\n In terms of Medicare costs for next year, it\u2019s estimated that Part B premiums<\/a> will cost around $150 per month, according to a projection from CMS, but the final amount will be disclosed in the fall.<\/p>\n Two of the major changes coming to Medicare Advantage<\/a> plans in the coming year are the expansion of coverage for telehealth services<\/a> and coverage for long-term care benefits, including adult day care services, in-home personal care services, and home safety modifications.<\/p>\n Another big change from the 21st Century Cures Act is that beneficiaries with end-stage renal disease can now enroll in Medicare Advantage plans starting next year, providing them with more coverage options through Medicare. Up to this point, individuals with ESRD could enroll in Advantage plans only under limited circumstances.<\/p>\n Be sure to take all these necessary steps and carefully review all available information when choosing to keep or change your Medicare coverage during open enrollment. It\u2019s also a good idea to become familiar with additional 2021 enrollment periods<\/a> to see when and what other changes you\u2019ll be able to make throughout the year. If you\u2019re still uncertain about which plan is best for you and your eligibility for the enrollment periods, consult with a professional who can help you make informed decisions that best meet your health care needs.<\/p>\n Preparing for Medicare\u2019s Annual Enrollment Period: Oct. 15 \u2013 Dec. 7<\/p>\n","protected":false},"author":3,"featured_media":10519,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[129,130],"tags":[],"class_list":["post-10391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fall-2020","category-fall-2020-columns"],"acf":[],"_links":{"self":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts\/10391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/comments?post=10391"}],"version-history":[{"count":6,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts\/10391\/revisions"}],"predecessor-version":[{"id":10704,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts\/10391\/revisions\/10704"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/media\/10519"}],"wp:attachment":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/media?parent=10391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/categories?post=10391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/tags?post=10391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What Is Medicare\u2019s Annual Enrollment Period?<\/h3>\n
What Changes Can You Make?<\/h3>\n
How Can I Determine if Changing Is Necessary?<\/h3>\n
What Should I Consider if I\u2019m Changing Coverage?<\/h3>\n
What 2021 Changes to Medicare Should I Know About?<\/h3>\n
What About 2021 Changes to Medicare Advantage?<\/h3>\n
Be Prepared<\/h3>\n
Lindsay Engle is a Medicare expert for MedicareFAQ<\/a>. She hosts the MedicareFAQ<\/a> YouTube channel, which is a learning resource center for individuals 65 and older to learn about Medicare options and plans.<\/h5>\n","protected":false},"excerpt":{"rendered":"