Medicare Annual Enrollment
Toni:
Read in your column last week that there is only 5 weeks to the Medicare Annual Enrollment period. I’m really confused on what I need to do. I am receiving so much mail that I am stressed about making the wrong decision and messing up my Medicare.
Is there a law that I have to change my Medicare? You helped my husband and me with our Medicare decision in January when my husband retired from his job of 30+ years and now it seems we have to do this all over again. Could you explain what we need to do?
~ Thanks, Sally from Pearland, TX
Good Day, Sally:
Stress is running rampant this Medicare Annual Enrollment season because the price of oil is sinking. Texans are concerned that they could lose their jobs or better yet, not have enough money for retirement because of a personal healthcare crisis.
Sally, there is not a law that says you have to make a change to your Medicare. You do not have to change your Medicare Supplement, which I enrolled you and your husband in, but I would advise you to check your Part D plan for any significant changes. If you see a change to enroll in a new Medicare Part D plan for next year beginning January 1st, 2016.
Below are a few tips to simplify your Medicare Annual Enrollment or if you are new to Medicare and want to make the best choice you can:
- Medicare Tip - #1: Learn your Medicare ABC and Ds. Part A is hospital coverage. Part B is for medical/outpatient coverage such as doctor visits and performing surgery. Part C is Medicare Advantage plans that combine both Part A and B benefits with some plans having Part D included. Part D is for prescription drugs with the “famous” donut hole and can be in Part C or a standalone plan. Resources you may be interested in: https://tonisays.com/portfolio/enrolling-in-medicare/gallery/educational-videos-articles/
- Medicare Tip – #2: Know what Original Medicare covers…and what it doesn’t. What your Part A deductible is and for Part B that Medicare pays 80% of approved charges while you pay 20% and a once a year deductible with a monthly premium that depends on your income. Plans like Medicare Supplement and Medicare Advantage help to cover the 20% gap with some offering extra benefits like vision, dental, hearing or fitness memberships. Resources you may be interested in: Medicare Advantage Plans
- Medicare Tip – #3: Keep in mind not all Medicare plans are created equal. Plans and benefits differ from company to company and even state to state. Do your research especially is you will be moving to a new area. Resources you may be interested in: Medicare Supplemental Plans
- Medicare Tip – #4 Research Medicare Part D plans every Medicare Annual Enrollment. Plans can change benefits and the drug formulary for the next year.
- Medicare Tip – #5: Don’t choose manly on cost. Make sure there aren’t hidden copays or other fees that will end up costing you money.
Toni King is the author of the Medicare Survival Guide® which is on sale in our Store. Personal consultations or to have Medicare/Social Security questions answered, please contact Toni at Ask Toni or call 832-519-8664.
