Q: When will we know what our insurance looks like for next year 2023?
Answer: We are fast approaching my favorite time of year, the annual open enrollment period for Medicare insurance products. Individuals with Medicare in the coming weeks will receive information packets for 2023. Medicare Advantage plans, Medicare prescription drug plans, and Medicare Supplements have slightly different coverage and benefit prices each year.
These changes were announced on October 1 for the upcoming year 2023. The Centers for Medicare & Medicaid Services (CMS) requires insurance companies to notify you of any New Year’s coverage changes by October 1st. In the next few weeks of September, you will receive mail from your insurance company informing you of what the 2023 coverage looks like for this plan. When you get this new information for 2023, focus on how your insurance coverage may change.
October 1 is the date that all Medicare-linked insurance products release their information, allowing people to compare their alternatives in the New Year. The www.medicare.gov website
Then on October 15, the annual open enrollment period actually begins. This is the date you can first make a change in your insurance coverage, which will begin on 1-1-2023. From October 15 to December 7 each year, those enrolled in Medicare and companion insurance products can review and change their insurance to a product that will work better for them in the New Year.
When you have Medicare, you will notice an increase in the amount of mail (and maybe email) you receive in the coming weeks. This email includes important information about the insurance product you already have. This mail also includes information about many other products that are available to you.
You may have had very little change in your medical condition. You still need to evaluate your insurance decision. This assessment always starts with your current coverage. Do you like? Is it still available? Does the pricing structure remain fairly similar in terms of premium and co-payments for medical care and drugs? Did it cover your medications easily and affordably, and will it continue to be affordable next year?
When looking at these questions, whether all the answers are “Yes” you can probably stay with your current coverage and let it roll over to 2023. Some past years have had plans that are no longer offered, we’ll find out soon about 2023. In previous years there have been plans that change names. We offer one or two new plans almost every year. These are things to watch out for.
Your mailbox may have more activity in the coming weeks and more ads on TV.
Just a reminder to watch your mailbox and inbox for insurance information for 2023. Don’t throw away everything that comes in. Don’t forget to open the information from your current insurance company, this is important information for next year. The information will help you decide whether to keep the same coverage or change it.
I can’t wait to see what’s new and exciting in 2023. My wish is for premiums to go down and coverage to go up for everyone. Happy insurance season!
Senior Life Matters is a community-based program sponsored by Jamestown Lutheran. For questions and concerns or to contact Janelle Sluga, GCMC, call 716-720-9797 or email [email protected]