When is Medicare Open Enrollment?
October 15 marked the first day of the Medicare open enrollment period, which allows beneficiaries a window to review, update or alter their current policies. In addition to altering current plans, seniors aged 65 years or older, who have not previously been enrolled in a Medicare plan, may use the open enrollment period to apply for and choose their Medicare plans.
The open enrollment period runs from October 15, 2014 through December 7, 2014, totaling 54 days that seniors have to sign up for, review, or change their Medicare plans. Here at the Wooten Agency in Cary, NC, we understand that the choices you have when it comes to healthcare can often be overwhelming, which is why we are dedicated to helping patients in Raleigh, Cary and the entire state of NC find the plan that works for them.
Does the Affordable Care Act Affect My Medicare Plan?
Over the past year we have received many questions from customers and potential customers, alike, who seek to understand how the new Affordable Care Act may affect their eligibility for Medicare or their current Medicare plan. Simply put, the ACA and the emergence of the Healthcare Marketplace has had little impact on those who are currently enrolled in, or plan on enrolling in, Medicare. Medicare beneficiaries may be affected in a few ways by the new ACA.
One of the ways that the ACA may affect your Medicare plan is through your prescription drug plan. If you currently have very high drug costs on your Medicare Part D plan, you may benefit from the new law. The gap in coverage will be phased out over the years between now and 2020. If your total drug costs are more than $2,850 in 2014, after that point you will pay 47.5% of the cost of your brand-name drugs and 72% of the cost of your generic drugs. These amounts will gradually be lowered to 25% for both brand-name and generic drugs by 2020.
Another way that the ACA may affect your Medicare plan is if you are enrolled in a Medicare advantage plan. The Medicare Advantage plan is an alternative to traditional Medicare where beneficiaries may choose to enroll in a private plan to receive Medicare benefits. The ACA laws reduced payments to these private plans to bring them closer to the average costs of traditional Medicare and also provided additional payments to plans that earn high quality ratings.
How Do I Sign Up For or Change My Medicare Plan?
If you have questions about signing up for Medicare or changing your Part D or Medicare Advantage policy, feel free to call on the experienced professionals at Wooten Agency in Cary, NC. Whether or not you purchase a plan from us, we are more than happy to help guide you through the process of finding the insurance coverage that meets your needs. Additionally, you may find more Medicare FAQs on our site here!
If you have questions or need help purchasing insurance, please contact us today!