Save Money during Medicare’s Annual Election Period

With Medicare’s annual election period fast-approaching (Oct. 15 through Dec. 7, 2011), take the time to assess whether your chosen plan is most appropriate for you, especially from a cost-perspective.  Did you know that Medicare Advantage plans, also known as Medicare C, may cost substantially less than pairing traditional Medicare with a Medigap plan and prescription drug plan?  In order to determine which option is best for you, consider some of the following:

1)      Is it important for you to continue seeing the same doctor?

2)      Do you have a preferred hospital or skilled nursing home/rehabilitation facility, if the need for such arises?

3)      How much out-of-pocket cost can you afford (e.g. monthly premiums, co-payments and co-insurance amounts, as well as drug costs)?

Your answers to all of these questions may lead you to choose a different plan than you currently have.  Take the time to re-assess your Medicare choices each year, not only for your own changes in needs, but because the plans and their provisions may change as well. 

To learn more about your Medicare election options, click here or here.

This entry was posted in Asset Protection, Elder Law & LTC Planning, Estate Planning & Administration, Government Benefits and tagged , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply