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Annual Enrollments for Medicare Parts C & D begins November 15 – Is Change Right for You??

By Richard J. Schillig, CLU, ChFC, LUTCF
Independent Insurance and Financial Advisor

This time of year it is very important to carefully consider options by taking a review of health, current plan changes and new plan offerings.

Medicare Plans are changing for 2010. Prescription Drug Plans and Medicare Advantage Plans are changing for 2010. Have you received your plan change letter from your insurance company? Along with this letter, all persons on Medicare will have the option to change Prescription Plans and/or Advantage Plans for the New Year. Annual enrollments for this year for Medicare Part D (Prescription Drug Plans) will begin November 15 and end December 31. If you were new to Medicare this year or if you have been with Medicare for a while, this is the time to review costs and coverage. If happy with your plan, an automatic renewal will happen on Jan 1. However – be aware of the changes that may be occurring with your plan. November 15 begins the annual period to renew your current plan or to select an alternate plan.

The Open Enrollment Period for Medicare Health Plans (Medicare Part C) also begins November 15 and will continue to March 31, 2010. Confusing?? Yes – it is but that is our legislation. This time of year it is very important to carefully consider options by taking a review of health, current plan changes and new plan offerings. We encourage you to seek the advise of a trusted advisor for this very important decision.

Both Iowa and Illinois have over 40 prescription plans including Medicare health plans (Medicare Part C) with prescription coverage. Further, we recognize that life is change. Not only do the prescription drug and health plans change but our health changes, medications change, and provider’s change. It is no wonder we are confused huh?? This huge task of determining which plan is right for you is an important annual decision. To choose a Medicare Prescription (Medicare Part D) OR Medicare Health Plan (Medicare Part C) follow these important steps:

• Start by making a list of all the prescription drugs you currently take and the price you pay for them including co-payments or coinsurance. Your pharmacy will provide a list of all medications that includes this information.

• Also review the number of visits to your physician(s) office during the year along with number of other medical services; lab tests, X-rays, and other inpatient or outpatient procedures AND the total our of pocket expenses incurred.

• Consider your total out of pocket cost including prescription plan premium

• Next compare current plan with new plans by using a trusted medicare advisor OR by using the medicare website: www.medicare.gov