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Do I need to renew my Medicare coverage every year?

Jan 21, 2021 | Medicare, Medicare Advantage, Medicare Part D

It’s a new year and if some time has passed since you heard from your Medicare plan you may be wondering if there’s anything you need to do to keep your coverage.

The simple answer is no. Your Medicare plan will stay in place year after year unless you decide to make a change or a company offering the plan changes its coverage.

If you have Original Medicare you don’t have to worry about your coverage being dropped. Each year it should renew automatically. This is the same for Medicare Part D, or prescription drug plans, however, if Medicare does not renew its contract with the company offering your plan, you may need to make a change.

Medigap plans also automatically renew, even if a policy changes or the company decides to no longer sell the plan. You will usually be able to keep your plan, even if it’s no longer offered to those entering the Medicare market.

Each year you should receive an Annual Notice of Change letter from Medicare for Medicare Advantage or Medicare Part D plans. Review this notice carefully for any changes to your current plan. It’s also a good idea to sit down with your Medicare insurance Advisor annually to discuss any life changes. If you decide to keep your current coverage, you don’t need to take any action.

If the company you purchased a Medicare Advantage plan from in the past decides to make changes or no longer contract with Medicare, you should receive a non-renewal notice. This notice will let you know if you’ll be moved to a plan that is similar to the one you had before. You can allow that to happen or search for an entirely new plan. You can make changes to your plan during the Annual Enrollment Period from October 15 to December 7 or the Medicare Advantage Open Enrollment Period from January 1 to March 31.

If you’re feeling unsure about the changes that have been made to your plan this year, give Diane a call to discuss your options. Remember, no one Medicare plan is the perfect fit for each individual.