Medicare Open Enrollment 2020: What You Need to Know

Are you ready for Medicare Open Enrollment? Every year, Medicare health and drug plans make changes to costs, coverage, providers, and pharmacies in their networks. Have you considered that, between coverage changes and health condition changes, it may be wise to revisit health plans during the open enrollment period annually? This year, Medicare’s annual open enrollment period begins October 15th and ends December 7th.

For those already on Medicare, you should have received an “annual notice of change” from your Medicare plan in September. This letter explains all the changes coming in the new year, including coverage and costs such as premiums, deductibles, and copays. Review your medical expenses over the last six months, including a list of the doctors you see regularly and the medications you need.

Medicare beneficiaries without some sort of Medicare Supplement Insurance (Medigap) may face Medicare cost-sharing if they have health problems. Original Medicare pays for much, but not all of the cost for covered health care services and supplies. A Medigap policy can help pay some of the remaining health care costs, such as copayments, coinsurance, and deductibles.

If you are not able to purchase a Medigap policy, a Medicare Medical Savings Account (MSA) might be a good option. MSAs combine high-deductible insurance plans with a medical savings account that you can use to pay for your health care costs.

Medicare Advantage plans are a type of Medicare health plan offered by a private company that contracts with Medicare to provide all of your Part A and Part B benefits. Most Medicare Advantage plans also offer prescription drug coverage. Before switching to a Medicare Advantage plan, be sure to examine it closely to see if it makes sense. While many have $0 premiums, the out-of-pocket costs can be high, or your hospital or your doctor may not be in-network.

The Medicare Plan Finder on is an online tool from the government to help you select a plan. After you enter your zip code and details about your medications and whether you receive them by mail, you can compare plans available in your area. You can also try the State Health Insurance Assistance Programs, which offer free local counseling to enrollees, or call 1-800-MEDICARE. 

For help evaluating your Medicare coverage options and which plan may work best for you, contact our office today to schedule a meeting time.