If you have Part A and Part B, Original Medicare, there is no need for you to reapply each year. Yet, each year during (October 15 – December 7), the Annual Election Period, you may consider whether you would be benefited from enrolling in or wish to change some Medicare Supplement Plans or/and a Medicare prescription drug Part D plan.
Medicare Supplement Plans offers benefits and is affordable as it bears the costs that go beyond your pocket. These plans are available with private insurance companies. However, if you are enrolled already in Medicare Supplement Plans or/and Medicare Prescription Drug Part D coverage, it is best you stay aware of these details:
Medicare Advantage Organizations and the sponsors of Prescription Drug Plan, each year renew their contracts by submitting a plan for New Year with Medicare. This includes the cost sharing details and the benefits. This is approved only after Medicare reviews the plans and benefits.
In case the proposed changes are Medicare approved, your existing Medicare Supplement Plans or the membership for Prescription Drug plan gets automatically renewed. This renewal is done as long as you pay the plans monthly premiums that are applicable and also the Part B Medicare.
In case your plan leaves Medicare, you receive in the mail a Non-Renewal Notice informing you that you must find for the coming year a new plan. This notice will be received by your before the existing year October.
Thus, regardless of your case, it is best to compare Medicare Supplement Plans in 2019 and also the Part D Medicare Advantage Plans that alter costs and benefits every year. Having part D Medicare prescription drug plan or Medicare Supplement Plans enrolled means you must consider the changes taking to the drug list every year.
This is because you will know the affect it will have on your plan and what is the amount you need to pay for prescription medications. Each year, your health also undergoes a change that you may decide whether you require less or more comprehensive coverage than the provision of existing plan.
As you know now about Medicare Supplement Plan, keep your eye open to know the changes in the plans with each passing year. This will keep you updated on the plans and coverage available. Thus, you can consider new plans, compare the plans, take free tools for comparison and if required speak to a licensed agent to know more about insurance and its coverage.