The annual Medicare open enrollment period will be opening shortly, which means that now is the time to prepare yourself for the changes on the horizon and any requirements for enrollment.
Medicare Open Enrollment 101
This year, the annual Medicare Open Enrollment period will last from October 15-December 7. During that enrollment period, new enrollees and current enrollees will be able to make alterations to numerous parts of their coverage. What can you do?
- Change your enrollment from Original Medicare to Medicare Advantage, or vice versa
- Change from one Medicare Advantage plan to another
- Change from one Medicare Part D (prescription medication) plan to another
- Add a Medicare Part D plan if you did not do so when you were initially eligible, but you might be penalized for late enrollment
What Are the Requirements to Enroll?
In order to be eligible for enrollment in a Medicare Advantage plan, you:
- Need to be enrolled in Medicare Part A and B
- Must reside in the service area for the plan
- Cannot have End-Stage Renal Disease (ESRD)
Will Your Plan Renew Automatically?
If you are currently enrolled in a Medicare Advantage Plan or Medicare Part D prescription plan and you are not interested in making any changes for 2020, you do not need to do anything during the open enrollment period unless your plan is not being offered again. If your plan is not being offered again, your carrier will give you advance notice before open enrollment starts. It is important to remember that your premium or benefits might change next year, even if you stick with the same plan.
What Changes Can You Expect?
There are always numerous changes whenever open enrollment arrives, and some of the most notable that have been announced so far include:
- Medigap plans that cover Medicare Part B deductibles are no longer available to newly-eligible Medicare beneficiaries.
- The gap in coverage between generic drug costs and what Medicare Part D would cover is being closed, and the hole for brand name drugs has already been closed. Enrollees will now only pay up to 25% of the cost for brand name drugs (30% last year) and 37% of the cost of generic drugs (44% last year).
- Medicare Advantage plans will continue to be refined and changed before the enrollment period opens, so it is critical to read the fine print.
Prepare for Medicare Open Enrollment Now
At Senior Care Lifestyles, we specialize in facilitating the connection between seniors and the right in-home care, assisted living and senior living communities. We have assisted hundreds of families with finding effective and affordable solutions for loved ones. Get in touch today by calling 410-977-3718!
