Autumn & Medicare Changes

With autumn come plans for Thanksgiving, the Christmas holidays, and the New Year. It is also time to reflect on critical decisions that may affect your health and finances.

For those aged 65 and above, Medicare's annual open enrollment period is coming up. If you are enrolled in Medicare, this is your chance to make unrestricted changes to coverage. Or you might leave your coverage the same, after a careful review of the pros and cons.

Do you want to stick with Original Medicare? Would you prefer to switch to a private Medicare Advantage Plan? If so, which one? Would you be better served by dropping your current drug plan and switching?

Be aware of these new developments:

OPEN ENROLLMENT IS EARLIER
The period to make insurance decisions has been moved to Oct. 15 through Dec. 7. (Last year, it was from Nov. 15 to Dec. 31).

YOU'RE ENTITLED TO MORE DRUG DISCOUNTS
Drug plan enrollees will get a 50% discount on brand name drugs when they hit the donut hole, or coverage gap. In 2012, your discount on generic drugs will go up to 14%, from 7% in 2011.

MORE FREE CHECKUPS ARE AVAILABLE
In 2012, Medicare Advantage plans will offer preventive care services for free.
Take away: Read your Annual Notice of Change, sent by your insurance company to your mail box at home. Read it over carefully. Plans make changes to benefits — and costs — every year. Understand the changes to your benefits and how much they will cost you.

You might need to do some additional research online or by calling your insurance company to see if your current plan still suits your needs.

GOT QUESTIONS? GET SOME FREE COUNSELING. Here are a few resources to start with:
Medicare: Medicare.gov; 1-800-MEDICARE
Medicare Rights Center: MedicareInteractive.org; 1-800-333-4114
The State Health Insurance Assistance Program (SHIP): A national program that offers one-on-one counseling and assistance to people with Medicare and their families. Shiptalk.org