Are you a Florida senior currently on Medicare? Did you know that Medicare’s Annual Open Enrollment Period begins on October 15th? Remember, every year Medicare health and drug plans make changes. These changes range from out of pocket costs and network coverage to providers and pharmacies within their networks, so there is much for a Florida senior to review.
It is wise for all Florida seniors to revisit their health plans at least annually and then make the changes they need during the open enrollment period. As you will see below we have a few open enrollment tips you can use to ensure you have the Medicare coverage that best meets your needs.
1. The Annual Notice of Change letter. Have you received your Annual Notice of Change letter? As of September, because you are a Medicare beneficiary, you should have received an “annual notice of change” from your Medicare plan. In this benefits letter, Medicare explains all the changes coming in the new year. You should now have an overview, including coverage and costs, premiums, deductibles, and copays.
2. Not on Medicare. Sign up now. First time beneficiaries do not need to wait for the annual enrollment period but need to review the benefits available to them. Need more information? Visit the Medicare website.
3. Want to switch plans? Are you aware that you can look for additional plans in your area by reviewing The Medicare Plan Finder on the Medicare website. This is an online tool from the government to help you select and compare plans. First, enter your zip code and details about your medications and whether you receive them by mail. Then you can compare plans available in your area.
4. As a Florida senior have your care needs changed? Should you switch to a new plan? First, look at your medical expenses for the last six months to get an accurate picture of whether your Medicare plan is the best fit for you. By reviewing your medical care for the last six months, you can see and account for changes in your health as well as changes in your plan.
5. Is it possible that there is a less expensive option for you? Premiums for some parts of Medicare are based on your modified adjusted gross income (or MAGI) from two years ago. MAGI also adds in capital gains, Social Security, and required minimum distributions from individual retirement accounts and 401(k) plans. While you cannot change your income, you can plan for 2022’s premiums.
For more information, we encourage you to call 1-800-MEDICARE or visit Medicare.gov.
We know you may have questions about this, and many other, elder care issues. At the Perlin Estate Planning & Probate our credentials enable us to provide a multi-disciplinary approach to our legal services. By building relationships with our clients, we are also able to understand each client’s needs and desires, and we support such goals through thoughtful, comprehensive planning techniques. We encourage you to contact us and schedule a meeting.