Medicare Annual Enrollment 2024: What you need to know

Fall is the time for football, pumpkin spice everything and—most importantly— Medicare Annual Enrollment Period. From October 15th through December 7th 2024, Medicare members can decide how they’ll receive coverage next year. It’s a big decision, so ArchWell Health is here to help with this special Annual Enrollment Period resource guide.

Reviewing your Medicare options

You may already know this, but Medicare has four parts:

• Part A, which covers hospital stays

• Part B, which covers doctor visits and other services where you don't stay in the hospital overnight

• Part C, an alternative to Parts A and B (and usually D) called Medicare Advantage

• Part D, which covers prescription drugs

Part C Medicare/Medicare Advantage plans have to cover everything that the Original Medicare plan does. Most also include Part D coverage and extra benefits like vision and dental coverage. You must keep paying your Part B premium and, in some cases, an additional Medicare Advantage premium. Your premium is your monthly bill for health insurance.

Private companies also offer Medicare supplement plans (aka Medigap plans). These help you pay for things Parts A and B don’t cover, like extra costs that come in the form of copays and deductibles.

Original Medicare vs. Medicare Advantage

As a Medicare member, you can get health coverage two ways. Here's the rundown:

What happens during Medicare Annual Enrollment Period

As we said, the Medicare Annual Enrollment Period runs from October 15th through December 7th in 2024. This is when you decide if your current coverage is meeting your personal health needs. Some things you should consider during this time is:

Do you like your current doctor or feel like you have good providers to choose from?

Do your out-of-pocket health costs fit within your budget? Out-of-pocket costs are anything you have to pay on top of your current insurance premium.

During this period, you can:

• Join, drop or switch to another Medicare Advantage plan (or add or drop drug coverage)

• Switch from Original Medicare to Medicare Advantage

• Switch from Medicare Advantage to Original Medicare

• Join, drop or switch to another Medicare drug plan if you’re on Original Medicare

Whatever you choose, your new coverage will begin on January 1st.

How to make a decision

Are you happy with your current coverage? You don’t have to do anything to keep it. One big exception is if your Medicare Advantage, Medigap or Part D drug plan will no longer be available.

If you’re not happy—or if you just want to shop around—now’s the time to do two things.

First, review your current plan’s Annual Notice of Change (ANOC), which was sent to you in September. It lists:

• Any changes to costs like premiums, deductibles and copays

• Any changes to the plan’s network of providers and pharmacies

• Any changes to the plan’s drug list (formulary)

If your Medicare plan is dropping your favorite doctor or health system, it might be time to find a new plan. The same is true if an expensive drug you take won’t be covered anymore (or will move to a higher level on the drug list, which makes the price go up too).

Second, visit the Medicare website. There, you’ll find a handy tool that lets you compare Medicare Advantage, Part D and Medigap plans in your area. Log in—or just enter your ZIP code—and select the type of plan you want. You can then study all the available options.

With Medicare Advantage plans, for example, you’ll see:

• The Medicare star rating, where 5 stars is the highest

• The monthly premium - good news is there are Medicare Advantage plans with $0 premiums.

• Total drug and premium costs (if you’ve entered your prescriptions)

• Other costs (like deductibles and maximum out-of-pocket costs)

• What extra benefits the plan includes

You can even see a side-by-side comparison between your current plan and up to two others if you've logged in.

How to enroll or switch plans

You can sign up for a new Medicare Advantage, Part D or Medigap plan from the Medicare website. Just click the Enroll button for the plan you like.

You can also enroll by calling a health plan directly. Do you prefer a paper form? Just ask. But remember: the plan must receive your completed application by December 7th.

Getting the care you deserve

It’s really important to find a plan and doctors that will listen to you. Too many older adults complain about not feeling heard or understood. You need a plan and doctors that will give you the confidence that your health is on the right track.

We encourage you to seek out a value-based care provider like ArchWell Health. Value-based providers get paid for getting results, not just ordering a bunch of services. They take the time to listen to you and create a care plan that meets your unique needs.

Just tell your new plan or Medicare insurance broker you want to see a provider at ArchWell Health. We will take care of the rest!

Other enrollment periods

December 7th is an important deadline, but you may get a second chance to act:

• If you are unhappy with the health insurance choice you made you can switch plans Open Enrollment Period, which runs from January 1st through March 31st. Your new coverage will start the first of the month after the new plan gets your request.

• If you experience certain life changes, you can join a Medicare Advantage plan or switch plans when that happens. For example, you’ll need to switch if you move to a city that’s outside your plan’s service area. Your new coverage will probably start the first of the month after the new plan gets your request.

Where to get more information

For help comparing plans, call Medicare at 1-800-MEDICARE (1-800-633-4227). TTY users can call 1-877-486-2048. Help is available 24/7, and representatives are available who speak English, Spanish and many other languages.

Another resource is your State Health Insurance Assistance Program (SHIP). It offers free health insurance counseling. Visit shiphelp.org to find your local phone number.

Finally, you can stop by your local ArchWell Health center to visit our care team. We’d love to talk with you.