DO NOT SKIP THIS OPPORTUNITY TO REVIEW YOUR OPTIONS!
Medicare serves nearly 63 million beneficiaries in the US, providing critical access to health care services and financial security for the nation’s seniors, people with disabilities, and people with end-stage renal disease.
Medicare open enrollment takes place each fall, and it is the time that Medicare plan enrollees can reevaluate their existing Medicare coverage and make changes if they would like to do so.
Open enrollment runs from October 15 through December 7 in 2022.
WHAT PLAN CHANGES CAN YOU MAKE DURING THE MEDICARE OPEN ENROLLMENT PERIOD?
If you are already enrolled in Medicare coverage – you can make the following changes during the open enrollment period:
- Switch from Original Medicare to Medicare Advantage (as long as you are enrolled in both Medicare Part A and Part B, and you live in the Medicare Advantage plan’s service area).
- Switch from Medicare Advantage to Original Medicare (plus a Medicare Part D plan, and possibly a Medigap plan, although medical underwriting might be required for Medigap)
- Switch from one Medicare Advantage plan to another.
- Switch from one Medicare Part D prescription drug plan to another.
- Enroll in a Medicare Part D plan if you did not enroll when you were first eligible for Medicare (potentially subject to fees, depending on your coverage prior to enrollment).
HOW MANY PEOPLE CHANGE THEIR COVERAGE DURING OPEN ENROLLMENT?
Somewhat surprisingly, although many seniors save up to 5% on premiums when changing coverage during open enrollment, most Medicare beneficiaries do not switch plans. An analysis by KFF (Kaiser Family Foundation) found that over the course of a decade, the percentage of beneficiaries who switched to a different Part D plan ranged from 10% to 13% per year. For Medicare Advantage beneficiaries the percentage was even lower, ranging from 6% to 11%.
Perhaps even more surprising, is the fact that seven out of ten beneficiaries didn’t even compare their coverage options during a recent open enrollment period. It may well be that the plan that an enrollee already has will continue to be the best option for the coming year. But there’s no way to know that without actively comparing the available alternatives, and the data indicates that the majority of Medicare beneficiaries are not doing so.
Be warned that during this Open Enrollment period, fraud is rampant and criminals will inevitably use this time to try to gain access to your personal financial information. You should never give your personal information out to anyone making unsolicited phone calls or showing up on your doorstep uninvited to sell Medicare-related products or services. If you believe you have been a victim of fraud or identity theft, you should contact Medicare.
Below are additional resources to assist you in navigating the Open Enrollment Period.
- Medicare Plan Finder (this helps you find a plan that matches your needs):
http://www.medicare.gov/find-a-plan - Medicare coverage options:
https://www.medicare.gov/medicarecoverageoptions/ - The 2020 Medicare & You handbook (all Medicare beneficiaries should have received this. If not, the handbook can also be downloaded online at: http://medicare.gov/forms-help-resources/medicare-you-handbook/download-medicare-you-in-different-formats)
- The Medicare Rights Center:
http://www.medicareinteractive.org/ - Pennsylvania State Health Insurance Assistance Program (“SHIP”) (offers independent counseling):
http://www.aging.pa.gov/
Phone: 1-800-783-7067
As always, we are available to assist you with answering any questions you have about Elder Law issues affecting you or your loved ones. Please contact our office at (610) 933–8069.
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