If you are covered by Medicare, it's time to compare your
current coverage with other available options. Medicare's
Open Enrollment period began on October 15 and runs through
December 7. Medicare plans can change every year, and you
may want to switch to a health or prescription drug plan that
better suits your needs or your budget.
- Switch from Original Medicare to a Medicare Advantage
Plan, and vice versa
- Change from one Medicare Advantage Plan to a different
Medicare Advantage Plan
- Change from a Medicare Advantage Plan that offers
prescription drug coverage to a Medicare Advantage Plan
that doesn't offer prescription drug coverage, and vice
versa
- Join a Medicare Part D drug plan, switch from one Part D
plan to another, or drop your Part D coverage
Any changes made during Open Enrollment are effective as of
January 1, 2024.
Original Medicare (Part A hospital insurance and Part B medical
insurance) is administered directly by the federal government
and includes standardized premiums, deductibles, copays,
and coinsurance costs.
A Medicare Advantage (Part C) Plan is an alternative to
Original Medicare. Medicare Advantage Plans cover all
Original Medicare services and often include prescription
drug coverage and extra benefits. They are offered by private
companies approved by Medicare. Premiums, deductibles,
copays, and coinsurance costs vary by plan.
Medicare Part D drug plans, like Medicare Advantage Plans,
are offered by private companies and help cover prescription
drug costs.
Start by reviewing any materials your plan has sent you.
Look at the coverage offered, the costs, and the network of
providers, which may be different than last year. Maybe your
health has changed, or you anticipate needing medical care or
have a change in prescription drugs.
If your current plan doesn't meet your health-care needs or fit
your budget, you can make changes. If you're satisfied with
what you currently have, you don't have to do anything —
your current coverage will continue.
If you're interested in a Medicare Advantage Plan or a Medicare
Part D drug plan, you can use the Medicare Plan Finder on
the Medicare website medicare.gov, to see which plans are
available in your area and check their overall quality rating.
For personalized information, you can log in or create an
account to compare your plan to others and see prescription
drug costs.
Determining what coverage you have now and comparing it to
other Medicare plans can be confusing and complicated, but
help is available. Call 1-800-MEDICARE or visit the Medicare
website to use the Plan Finder and other tools that can make
comparing plans easier. You can also call your State Health
Insurance Assistance Program (SHIP) for free, personalized
counseling. Visit shiphelp.org to find the phone number
and website address for your state. Local resources are also
available.
Our team at CNB Wealth Management is here to answer any
questions you may have so that you can make informed
decisions about your Medicare coverage.
©2023 Broadridge Investor Communication Solutions, Inc.
All rights reserved. This material provided by Denise Kelly-Dohse.
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