COMMUNITY RESOURCES AND SERVICES
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COMMUNITY RESOURCES AND SERVICES
Advice for Medicare Advantage Open Enrollment What is Medicare’s Open Enrollment Period? From Oct. 15 to Dec. 7 each year, it’s when Medicare beneficiaries can make changes to their Medicare Advantage or Medicare Part D Prescription Drug coverage for the coming year.
Crystal Manning
Supplement premiums and plans also can change. However, be advised that switching Medicare Supplement policies could require you to submit to a medical underwriting process that could result in a higher rate or denial based on its findings.
Why is an annual review of my Medicare Part D Prescription Why is open enrollment and Drug coverage especially important reviewing my plan so important? each year? Medicare Advantage and Medicare If you have new medications, Part D Prescription Drug plans have switched medications or your can change each year, meaning insurance carrier changes its drug the amounts you pay in premiums formulary, your costs could skyrocket and deductibles could increase. if you don’t carefully review your Insurance carriers also can change current plan. And switching to a plan their drug formularies, meaning a because you can save on the monthly drug that costs you a few dollars premium could be costly, too. The each month could double or triple plans with the lowest premiums in price next year if dropped from are not always the better financial your carrier’s formulary. Reviewing choice. The cost of one month’s your plans is one of the best ways to worth of one drug that’s not on your manage your long-term retirement plan’s formulary could exceed an plan because you can identify any entire year’s worth of your monthly changes that could add up expenses premiums. Many plans now have over time, or that could quickly lead diabetes prescriptions for $35 even to financial hardship. Plus, you could through the coverage gap. even find a plan with better coverage. I can help simplify your Medicare plan choices and evaluate the right Can I change my Medicare Supplement during open enrollment? plan for YOU. Yes, if you have a Medicare Supplement plan instead of Medicare Editor’s Note: Crystal A. Manning Licensed Medicare Advisor 412-716-4942 or Advantage, it can be a good idea to crystalmanning33@gmail.com. See ad on page 77. review your plan because Medicare
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