If your 2023 Advantage Plan doesn’t work, now’s the time to switch. Between Jan. 1 and March 31, Medicare beneficiaries can switch Advantage Plans if they’re unhappy with their choice from the annual open enrollment period, which ended Dec. 7.
Discovering a preferred doctor or other provider is not in the network which means you pay more to see them or discovering your prescriptions are uncovered or cost more than expected are common reasons to do so.
Medicare Advantage Plan Coverage
About 29.1 million of Medicare’s 64.5 million beneficiaries most of whom are 65 or older are enrolled in Advantage Plans, which provide Parts A and B, Part D prescription drug coverage, and basic dental and vision coverage. However, they have different cost-sharing structures (deductibles and copays) and drug lists (and prices), which may change from year to year.
This Advantage Plan-related window has fewer options than Medicare’s annual fall enrollment, which allowed for coverage changes.
Start with one switch. Once you switch Advantage Plans or switch to basic Medicare, the change is usually permanent. It’s crucial to ensure your new choice will last through 2023. Use Medicare’s online plan finder to find a better plan.
Certified financial planner and physician Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida, advised checking directly with your doctor or other key providers to see if they’re in network with a plan you’re considering switching to.
“Check with your pharmacy to make sure your prescriptions are covered. They see a lot come through,” McClanahan said.
You cannot switch standalone Part D plans during the current three-month window, unlike fall enrollment.
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40 Years Of Service
Despite Medicare’s worst shape in its 40-year history, the federal health minister is reluctant to spend more money on it.
The government is considering a blended primary care system for Medicare reform.
After bulk billing rates dropped by seven percent in the past year and are continuing to fall as general practice surgeries must charge higher fees to supplement Medicare rebates, urgent reform is needed.
The government could increase the rebate to make GP visits cheaper.
It requested bulk billing incentives to triple patient rebates for lengthy and complex consultations in its pre-budget submission.
The Australian Medical Association found only three of 201 public hospitals provided care within recommended timeframes.
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