Many people choose this time of the year to go on holiday but for Medicare beneficiaries, it's also the time of year when you should be thinking about Medicare's Annual Election Period and preparing to make a decision about which plans will be the most appropriate for you and your situation.
Just like a vacation goes more smoothly when you take the time to do your research, plan and prepare, making decisions about Medicare plans also goes better when you start the process early so that you can be adequately prepared. Everyone has a different situation so there is no one right answer for every beneficiary. That's why it's so vital that you research first so that you can make the best choices for your own life.
As a reminder, Medicare's Annual Election Period runs from October 15 through December 7, 2011 and you must make changes to your plan during this period of time. Don't put off doing what you need to do to make these decisions! Procrastination is never helpful and will only make you feel anxious and possibly lead to hasty decisions that you'll regret.
The first step is to make a list of your priorities including how much you can afford to spend, what kind of coverage would be best for your situation and how important it is for you to keep the same care providers. Think about what you liked and did not like about your current years plans while making this list of priorities.
Think about what you need from a plan and what would be nice to have. What kinds of treatment do you currently need? Do you take any prescription medications? How often do you travel and where do you go? How much can you afford to pay for premiums, deductibles, co-pays, coinsurance and other out of pocket expenses?
Once you have this list prepared, then it's time to start researching the specifics of various plans and policies and find the one that meets your needs best. Do keep in mind that if you have a spouse, you do not both have to make the same election. Once you've made your decision and signed up for a plan, you can relax and feel good that you've been proactive about your health and finances.
Author Resource:
Learn more about signing up for Medicare and How to Choose a Medicare Advantage that works for your situation.
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