Medicare Changes and Open Enrollment for 2015/2016

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Health insurance is one of the most important aspects of financial planning, especially as you begin to get older. And if you haven't already heard, Medicare has been making some changes, with two new types of coverage being added since it first became a law in 1965. With some open enrollment periods already open and others just around the corner, you'll want to know about the following to see if your current coverage is worth changing.

Medicare Changes

Along with Part A hospital insurance and Part B medical insurance (what is now called Original Medicare), two new parts - C and D - have been added to coverage through Medicare plans. Part C, which is also known as Medicare Advantage, is said to replace Original Medicare - most of the time, it will include prescription drug coverage and several other benefits as well. Part D on the other hand, which is specifically for Prescription Drug Coverage, can be chosen alongside Original Medicare or Medicare Advantage Plans that do not include such drug benefits at the time.

Open Enrollment Periods:

There are three open enrollment periods that you should be aware of if you participate in a Medicare plan; they are:

1. October 15 to December 7: This open enrollment period is for those who currently have Original Medicare, Medicare Advantage and Medicare Prescription Drug plans. During this time Medicare beneficiaries can change between plans, join a Part D plan or drop their prescription coverage completely. Changes made will be effective as of January 1 of next year.
2. January 1 to February 14: The open enrollment period beginning January 1 is specifically for those with Medicare Advantage Plans - this is the time where they can switch to an Original Medicare plan. If this is a change that you choose, your deadline to enroll in a Part D Prescription Drug Plan is February 14.
3. December 8 to November 30: Also called the "Five-Star Special Enrollment Period," this time allows for Medicare beneficiaries to make the switch to a "5-star" Medicare Advantage Plan, Prescription Drug Plan or Medicare Cost Plan. 

Should you have additional questions about Medicare, its latest changes and open enrollment periods, please click here. 

Like we said earlier, we know how important insurance is when it comes to financial planning, which is why we at American Investment Planners LLC can assist with long-term care and life insurance policies. To learn more about how we can help with this particular topic, please visit our website or call (516) 932-5130 - you can even request a quote for certain types of insurances directly through our site. 

Above information courtesy of Emerald Connect.