Attention Seniors: An Important Medicare Deadline Is Approaching

Not loving your Medicare Advantage plan? You have until Feb. 14 to ditch it under the annual Medicare Advantage Disenrollment Period, which ends on Valentine’s Day. Note that this isn’t a continuation of open enrollment, the annual period from Oct. 15 through Dec. 7 when you can make any number of changes to your Medicare coverage. Only one move is permitted during the winter disenrollment period: switching from Medicare Advantage to original Medicare, which is Parts A and B. You can also buy a Part D drug plan and a Medigap supplement plan. Unless you have special circumstances, you’ll have to wait until October to make any other changes to your coverage for a Jan. 1, 2019 start date. Medicare Advantage, also known as Part C, is insurance offered by private carriers that are contracted with the government to provide Part A hospital coverage and Part B outpatient coverage. Since 2004, the number of beneficiaries enrolled in these private plans has more than tripled from 5.3 million, or 13% of all beneficiaries, to 19 million, or one-third of beneficiaries, according to the Kaiser Family Foundation. The average monthly premium for enrollees of Medicare Advantage plans with drug coverage is $36 per month in 2017, although some plans have $0 premium. One reason Medicare Advantage plans are popular is because many pay for services and treatments that original Medicare doesn’t, such as eyeglasses, hearing aids and dental work. What’s more, many Medic...
Source: TIME: Health - Category: Consumer Health News Authors: Tags: Health Care Source Type: news