Part 8 of a Series of 8 MEDICARE

This is the final article written by Gavin Walker, a member of the Henderson Senior Citizens Advisory Commission.

We at Anthem Opinions want to sincerely thank Gavin for taking the time to author these articles in assisting the senior members of our community as to the Medicare choices available to them.

It’s Time to Decide: Medicare Open Enrollment

(Part 8 of a Series of 8)

Medicare Open Enrollment ends December 7. It’s time to make your Medicare decisions for 2014 if you haven’t already done so.

 Depending on your current coverage and your needs, you may decide to:

 -          Change the way you get your Medicare benefits

 -          Switch from one Medicare Advantage or prescription drug plan to another

 -          Drop prescription drug coverage completely

 -          Do nothing and keep the coverage you have

 You can get your Medicare benefits in two ways—either through Original Medicare (Parts A and B) or through a private Medicare Advantage plan. Original Medicare is administered by the government. Medicare Advantage plans are offered by private insurance companies approved by Medicare. These plans provide all the coverage that Original Medicare Parts A and B do. Many also include additional benefits, such as drug coverage and vision and dental care.

 Changing the Way You Get Your Coverage

To switch from a Medicare Advantage plan to Original Medicare, simply notify the plan that you want to disenroll. Your coverage will automatically revert to Original Medicare. Make sure you do your homework and that you feel confident before you make this switch. If you change your mind, you may have to wait until the next Medicare Open Enrollment to re-enroll in a Medicare Advantage plan.

 If you go back to Original Medicare, you may also want to consider adding a standalone prescription drug plan (Part D) to your coverage. Part D plans are offered by private insurance companies approved by Medicare. Original Medicare does not cover prescription drugs. It’s important to note that you cannot be without creditable drug coverage for longer than 63 days without incurring a premium penalty if you decide to get it later.

 Many people also add a Medicare supplement insurance plan to help with some costs that Original Medicare doesn’t cover.

To leave Original Medicare and enroll in a Medicare Advantage plan, all you need to do is sign up for the new plan. You don’t have to tell Original Medicare about the change, however, you should receive confirmation that you have been accepted into the Medicare Advantage plan.

 Switching to a Different Private Medicare Plan

To change from one Medicare Advantage plan to another or from one Medicare prescription drug plan to another, you can just sign up for the new plan. Typically, you are automatically disenrolled from your old plan. You may want to notify the old plan about the change, just for good measure. But it’s not required. You should receive confirmation that you are accepted into the new plan.

Take Action

It’s important to take time to review your Medicare coverage each year. You may decide to make a change or not. Either way, you may rest easier knowing that you gave due consideration to your needs and choices.

 Get Smart, Be Prepared: Contact us to look for reliable information about your Medicare choices.

 Review Your Prescription Drug Coverage: Find out about Medicare drug plans, formularies, pharmacy networks and other things you need to consider when choosing your coverage.

Find and Compare Plans: Learn how to find out about—and compare—the plans offered where you live.

                  For a comprehensive Medicare review and audit, please contact:

 Gavin Walker

PH: 702-325-9585

EMAIL: gavin@gavinlwalkerinc.com

Located inside Vons in Anthem Tuesday, Thursday and Saturday from 9:30am-2:00pm