Did you know that with the 2023 Medicare Annual Open Enrollment Period starting, it is important for seniors to seek tips and guidance to make informed decisions? With changes often taking effect on October 15th each year, Medicare health and drug plans may alter costs, coverage, providers, and pharmacy networks. You should look over and study your health plan during this period, especially as their may have been changes in your own health. We work closely with all our clients to answer any and all of their questions and want to share several tips you can use right here on our blog.
1. Watch for your “annual notice of change” letter from your Medicare plan in September, if you are currently enrolled in Medicare. This instructional letter outlines upcoming changes for the new year, detailing coverage adjustments and costs, such as premiums, deductibles, and copays. Do not worry if you cannot locate your letter or need a copy, the Medicare website offers the option to request one.
2. Begin to compile and review medical expenses over the past six months to evaluate your current plan. Create a list of your regular doctors and required medications. Examine your medical care history during this period to identify any health changes and assess whether your plan still meets your needs. When comparing plans, consider not only premiums but also if your health care changes align with your current plan.
3. It would be worth while to explore additional plans available in your area. The Medicare Plan Finder on the Medicare website is a valuable online tool for plan selection and comparison. Just put in your zip code and medication details, including mail delivery options, to compare plans offered in your vicinity. Another option is the State Health Insurance Assistance Programs, which provide free local counseling for enrollees.
4. In our elder law firm we are focused on being able to assist our clients because we remain up-to-date on the Medicare program. Medicare plays a pivotal role in elder law planning as certain parts of Medicare premiums are tied to your modified adjusted gross income (MAGI) from two years prior. Planning for MAGI, which incorporates capital gains, Social Security, and required minimum distributions from retirement accounts, can be essential for managing premiums.
Remember, you can access Medicare plan information by comparing plans online, calling 1-800-MEDICARE, or visiting Medicare.gov. If you are also seeking comprehensive information and solutions to ensure your elder law costs are meticulously planned for, our office is dedicated to providing the assistance you need.
If you find that your aging parent will need custodial care, then Medicaid may be able to help. This will depend on your aging parent’s income and assets. A Florida elder law attorney can help walk you through the process of obtaining Medicaid services for your loved one and help you through this challenging time. We know this article may raise more questions than it answers. At David H. Jacoby Elder Law Advocate, P. A., we are focused on providing thorough, ethical, and timely solutions for our clients and their loved ones. We encourage you to contact us and schedule a meeting with us.