It’s Medicare Open Enrollment Time, Need Help?

Medicare’s open enrollment begins October 15th, 2019. Whether you are choosing a Medicare plan for the first time or evaluating your current plan, it’s vital to have the right Medicare plan for your needs.

A surprising amount people believe that Medicare is free and will cover all of your health care costs once you retire, but estimates indicate that in general Medicare only covers about half of health costs. So, how can you effectively manage your health care dollars in retirement? One of the best ways is by selecting the right health plan for your unique needs.

Picking the insurance plan that fits your needs and budget is important and can be the difference between having affordable coverage when you need it or having expensive medical bills that must be paid out of pocket. On top of all the options, Medicare enrollees also have to deal with the plan changes that occur from year to year. Insurance companies use the open enrollment period to make any needed changes to their plan offerings, which they communicate to plan members through a document called the “Annual Notice of Change.” It is very important that you review this document when you receive it in the mail so that you know what changes are coming to your plan’s costs and/or benefits and can plan accordingly.

Reasons to consider other Medicare plans for 2020
  • You are unhappy with your current plan
  • Your health needs have changed
  • Your financial situation has changed
  • You are enrolled in a Medicare Supplemental plan and your premium has become costly
Your opportunity to make sure you have the right plan for your needs is during Medicare’s open enrollment period (Oct. 15 – Dec. 7). We recommend that you either find help from an advisor you trust or that you find the time to do important research on your own. The Ohio Masonic Home Resource Center can help by connecting you with the best resource to meet your needs. We see a great number of individuals during this time of year who do nothing, either because the options are overwhelming or nothing has changed with their health. It is important to review your situation every year. It may even be good to get a second opinion on the right Medicare plan for you. Paying attention to these changes helps ensure that you are informed about your plan and will not be surprised by any unexpected expenses.

If you know of someone who needs assistance, whether it be clinical, financial, or social in nature, please contact us at 877-881-1623.

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