SOMA Living October 2021

What Should I Consider When Choosing Medicare Coverage Annually? • Did my monthly premiums increase? FROM THE AGENT

Medicare Annual Enrollment Period- October 15th – Dec. 7th Medicare Annual Enrollment Period, also known as the Annual Election Period (AEP), is coming up on October 15th and runs until December 7th. You can make changes to your current Medicare coverage during this period. Changes made at this time will have an effective date of January 1st of the following year. What Changes Are Allowed During the Medicare AEP? • Switch from a Medicare Advantage plan back to Original Medicare • Disenroll from Original Medicare and enroll in a Medicare Advantage plan • Change from one Medicare Advantage plan to another • Change from one Medicare Supplement plan to another • Sign up for a Part D prescription drug plan • Change from one Part D prescription plan to another • Cancel your prescription drug coverage Why Change Your Medicare Coverage During the AEP Window? Medicare Advantage and Part D benefits change each year. This means your premiums can increase and your benefits may change. Here are some common reasons you may want to change your coverage: • Your premiums are increasing • The Advantage plan no longer has your doctor in the network of your plan • The drug formulary drops your medication off the list of covered drugs You’ll receive an Annual Notice of Change (ANoC) in September from your provider. The ANoC will explain any changes to your current policy that will take effect the following year. If you’re unhappy with the changes shown in your ANoC, you can change your coverage during the AEP.

• Are my medications still listed on my drug formulary? • What are my predicted annual medical costs going to be? • Is my doctor still in my plan’s network of providers? • Do I plan on traveling this year? • What ancillary benefits do I have? • What are my plan ratings? Your Medicare Annual Enrollment Period Checklist 1) Make sure you are eligible to make coverage changes

If you’re newly eligible for Medicare, or delayed coverage for one reason or another, and are not yet signed up for Part A and Part B, this is NOT the enrollment period for you. You won’t be eligible to make changes at this time unless you’re within your Initial Enrollment Period or are eligible for a Special Enrollment Period. You’ll need to wait until the General Enrollment Period to enroll in Original Medicare. 2) Decide if your current coverage is what you want I encourage you to take a deeper look into the coverage you currently have. Think about your health situation, and what you are currently getting the most use out of. Then, try to figure out how you may be able to supplement or reduce your total out-of-pocket costs. 3) Contact me to compare plans for the upcoming year This may be considered one of the most important steps. Oftentimes, you may be able to find a lower premium for the same benefits or you may be able to find a plan with more benefits for the same monthly premium you’re paying now. Comparing your Medicare coverage annually or semi-annually is a good practice, Just like you would compare your car or home owner insurance premiums. There may be an opportunity to save money somewhere.

Robert Hubsmith Pinnacle Financial Services (201) 704-7872 rhubsmith@thejgagency.com medicaresolutionsjga.com

I have over 30 years of experience in the financial services industry. I help my clients make informed and meaningful decisions based on their unique values, needs and priorities. Please call me at the number referenced above to schedule an appointment to talk about your Medicare and Long-term Care panning.

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