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It’s Medicare Open Enrollment Time. Need Help?

Medicare’s open enrollment begins October 15th, 2018, and runs through December 7th, 2018. Whether you are choosing a Medicare plan for the first time or evaluating your current plan, it is vital to have the right Medicare plan for your needs.

A recent study showed a typical retired couple needs almost $300,000 in savings just to cover health care premiums throughout retirement. This does not include out-of-pocket (i.e. co-pays, dental, vision, hearing aids, etc.). This means that having a strategy for managing health care expenses in retirement is essential.

A surprising amount of people believe Medicare is free and will cover all of their health care costs once they retire. However, estimates indicate 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 which fits your needs and budgeting 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 you know what changes are coming to your plan’s costs and/or benefits. This will help you plan accordingly.

Your needs can change from year to year. It is worth the time to review your plan's process each year.

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 you either find help from an advisor you trust or you find the time to do important research on your own. The Ohio Masonic Home Resource Center can help in this effort.

Please contact us at 877-881-1623 and we can connect you with the best resource to meet your needs.

We see a great number of individuals during this time of year who do not act upon Medicare's open enrollment, because the options are too overwhelming, the details are confusing, or nothing has changed with their health. It is very 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.

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