Question: When does my insurance company announce the new premium for next year?
Answer: It’s starting to look like fall and it means we’re quickly approaching my favorite time of year, the Annual Open Enrollment Period (OEP) for Medicare insurance products. Insurance products that work with Medicare must notify their registrants of the 2022 information by October 1. Many plans send you the information sooner than that. You will therefore receive this information in the next few days!
It is also the time frame that all of your current plans competitors are looking to get your business. You will therefore see a significant increase in the amount of mail you will receive in the weeks and months to come. Medicare supplies will be in your mailbox in the coming weeks.
All those eligible for or with Medicare will receive the 2022 Information Packages. Medicare as well as Medicare Advantage plans, Medicare prescription drug plans, and Medicare supplements all have different coverage prices and benefits each year.
Many of these changes are announced on October 1 for the coming year. The Centers for Medicare & Medicaid Services (CMS) require that insurance companies tell you what your coverage looks like for the New Year by October 1. The next few weeks of September, you will receive a letter from your insurance company informing you of what 2022 looks like with this plan.
October 1 is the date on which all Medicare-related insurance products publish their information. This is your opportunity to compare their current plan to the alternative plans for the new year.
Those on Medicare will notice an increase in the number of letters (and maybe emails) you will receive in the coming weeks. This letter contains important information about the insurance product you already have. This letter also includes information on many competing products that are available to you.
I recommend that people do not speak with insurance representatives who call you on the phone. This is true all year round. But especially during the Annual Open Registration. Having a conversation with someone from the insurance company can mean that you change your coverage even if you don’t intend to.
You may have had very little change in our medical situation. You still need to assess your insurance decision. This assessment always begins with your current coverage. Do you like to? Is he still available? Does the price structure remain fairly similar for premiums and co-payments for medical care and drugs? Did it cover your medications easily and affordably and will it still be affordable next year?
In considering these questions, if all the answers are “Yes” you can probably keep your current coverage and let it extend until 2022. In the past years there were plans that were no longer offered, we will know soon around 2022. In the previous years there are had plans changing names. Almost every year we offer one or two new packages. These are things to watch out for.
Your mailbox might see more activity in the coming weeks. You will also see more advertising on TV. Now I just remind you to watch your mailbox and inbox for insurance information for 2022.
Senior Life Matters is a community program sponsored by Lutheran Jamestown. For any questions or concerns or to reach Janell Sluga, GCMC, call us at 716-720-9797 or email [email protected]