Are you ready? Are you set? It is time for Medicare’s Annual Open Enrollment Period beginning on October 15th. Annually at this time of year, Medicare health and drug plans make changes to costs, coverage, providers, and pharmacies in their networks. During the open enrollment period everyone should look at their Medicare health plans for any changes and look at their own health condition changes.
Something else to watch out for is your “annual notice of change” letter from your Medicare plan. You should have received your letter already and definitely no later than September. In your benefits letter, Medicare explains all the changes coming in the new year, including coverage and costs such as premiums, deductibles, and copays. If you did not receive a letter or cannot find your copy you can request one. Just click here to visit the Medicare website.
Do you wonder where to start in evaluating your current plan? Start by reviewing your medical expenses over the last six months, including a list of the doctors you see regularly and the medications you need. To get an accurate picture of whether your Medicare plan is the best fit for you, you should compare more than just the premiums. By reviewing your medical care for the last six months, you can account for changes in your health as well as changes in your plan.
This year you may be wondering if there are additional plans in your area. You can find out by looking at The Medicare Plan Finder on the Medicare website. This is an online tool from the government to help you select and compare plans. Once you enter your zip code and details about your medications and whether you receive them by mail, you can compare plans available in your area. You can also try the State Health Insurance Assistance Programs, which offer free local counseling to enrollees.
Now, as an estate planning and elder law firm in Connecticut, we take special interest in the Medicare program. Medicare can be essential to elder law planning because 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.
You may also want to look at the Medicare plan information by comparing plans online or by calling 1-800-MEDICARE or visiting Medicare.gov. For more information and answers to your questions on how to get the best protection you need now to ensure you have your elder law costs planned for, our office is here to help.
We know this blog may raise more questions than it answers. We want you not to wait to learn more about this critical issue facing all of us, but most importantly Connecticut seniors. Remember, being prepared is the best defense you can have in place. The Northeast Law Center practices law in many Connecticut counties including Hartford, New London, Tolland and Windham. We encourage you to contact us and schedule a meeting.