Your Medicare Plan is Critical This Year. Changes Coming!

Your Medicare Plan is Critical This Year. Changes Coming!

Medicare open enrollment is coming. During the open enrollment period, which runs from November 15 to December 31, you may switch Medicare drug or health care plans. Read more.. . .

While you should review your coverage every year, this year it is particularly important because of the changes brought on by the new health care law. I want all my readers to be aware of this issue, as it could very well effect me, you and our loved ones.

As the health care reform law goes into effect, there are a number of changes affecting seniors. Even if the new health law will not affect your plan, you should still review your options for 2011.

Prescription drug plans can change their premiums, deductibles, and the list of drugs they cover. Medicare Advantage plans -- private managed care plans that compete with traditional Medicare -- can change their entire benefit package as well as their provider network.

My parents have Medicare so I want to be informed about anything that might have an effect on their health. Many plans are also consolidating options and closing some policies. If you take no action, you will remain in your current plan.

Under the new health law, Medicare will now pay 100% of preventive care. That means beneficiaries will not have to pay deductibles or co-pays for certain preventive services, such as annual wellness exams. While many Medicare Advantage plans already offered this benefit, it is now mandatory for all types of Medicare plans.

If you had a Medicare Advantage plan primarily because of its preventive care coverage, you may want to reassess whether that or any other Medicare Advantage plan is still the best option for you.

The biggest change for Medicare prescription drug plan beneficiaries is the lowering of prescription drug costs for those who reach the "doughnut hole." In 2010, after meeting a $310 deductible, beneficiaries pay only 25% of drug costs until the costs total $2,830. Coverage then stops completely until a total out-of-pocket spending for covered drugs reaches $4,550. This lack of coverage is called the "doughnut hole."

In 2011, beneficiaries in the doughnut hole will receive a 50% discount on brand-name drugs and a 7% discount on generic drugs. Medicare will continue to count the full retail price of medications in computing the coverage gap, so seniors will pay a lot less to get through the doughnut hole. The health reform law also eliminates the doughnut hole by the year 2020.

And finally, you'll also want to make sure that your Part D plan still covers the drugs that you need because the list of drugs that each plan covers changes from year to year.

If you have anything to add to this article, me and my readers would love to hear from you. Use the comment section below. Stay healthy and keep up with my articles on Medicare and Medicaid news. Thank you.

Need Help Deciding? Protect Medicare

Visit http://www.medicare.gov/find-a-plan to find and compare plans in your area. Call 1-800-MEDICARE ( 1-800-633-4227).

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