Your window of opportunity to begin or make changes to your Medicare plan opens October 15 and closes December 7, 2014. Is it time to update your medical coverage? Have you turned 65 this year and are eligible for the first time? What do you need to know to begin coverage or make changes to an existing policy?

For Medicare Advantage enrollees and those thinking about adding this coverage, those changes could range from minor to major. Medicare Advantage is a type of Medicare health plan purchased through a private company that contracts with Medicare to provide Part A and Part B benefits. Being enrolled in a Medicare Advantage plan means your Medicare services are covered and paid for outside of traditional Medicare. Most Medicare Advantage plans also offer prescription drug coverage.

By now, you may have already received notification from your Medicare prescription drug and Advantage plans of any changes that will take place in the coming year. All companies must distribute Annual Notifications of Change by the end of September. You should look for changes especially to the co-pays for prescriptions and doctor visits as well as outpatient services. There could also be a change in out of pocket maximum limits. Besides changes in price, you may also experience a change in providers if the doctor you usually visit no longer accepts your specific plan.

Now is the time to review your coverage and consider any changes that should be made. It’s also the perfect time to compare your Medicare Advantage policy to others available to ensure you’re enrolled for the best available. Before you decide on any changes, however, it is recommended that you speak with an agent who can help determine your health insurance needs.

Knowledgeable, independent agents at RW Insurance are always available to sit down and answer any questions you may have about Medicare Advantage and any changes to your policy. We can also help you compare your plan to others available to ensure the one you choose offers the best coverage at the most affordable rates. Contact us to help you through this open enrollment season.