The Medicare Open Enrollment starts from October 15, 2023 – December 7, 2023. This time frame gives you an opportunity to review your plan choice and make changes, if necessary. Review your current plan and if that plan is making any changes for the coming year. The changes you can make is: Switch to a different Medicare plan like Medicare Advantage Plan (Part C) or drop your Medicare Advantage plan and go back to Traditional Medicare (Parts A & B). Medicare has added more accepted care. You can look at a Supplemental Insurance that may cover the remaining 20% that Traditional Medicare does not – they cover 80%. Now, if your Veteran spouse served 20 years or more – after age of 65 you are covered with Tricare For Life…. Best coverage – Medicare (Primary) Tricare For Life (Secondary) – you do NOT need an additional medical insurance policy. (If divorced from Veteran not eligible).
WHAT ARE THE CHANGES FOR MEDICARE PART B IN 2023? – The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022. The annual deductible for all Medicare Part B beneficiaries is $226 in 2023, a decrease of $7.00 from the annual deductible of $233.00 in 2022.
CAN YOU SWITCH TO MEDICARE ADVANTAGE DURING THE OPEN ENROLLMENT? If you are in Traditional Medicare, you can switch Part D plan or switch to a Medicare Advantage Plan during the Medical Open Enrollment period that runs from October 15, 2023 – December 7, 2023. One CANNOT use the Medicare Advantage Open Enrollment period(from 1 January to 31 March) unless you are enrolled in Medicare.
WILL MEDICARE PART D PREMIUMS INCREASE IN 2023? With a premium stabilization-capped 2024 base beneficiary premium of $34.70, the average basic Part D premium is projected to increase from $34.09 in 2023 to $34.50in 2024, a 7.5% increase.
IS MEDICARE AGE CHANGING TO 67? The progressive changes are nearing their conclusion: Beginning in 2022, the standard age for full benefits will be 67 for anyone born after 1960. Besides the Medicare eligibility age of 65, what remains unchanged is that you can opt to begin drawing partial Social Security benefit as early as 62.
*Check with your current medical plan and contact them with questions you may have or go onto the website: www.medicare.com
**Next month topic will cover: What are Medicaid Advantage Plans
Brenda Dever-Armstrong, CEO/CSA/Geriatric Advisor
The Next Horizon Seniors & Military (Veterans/Spouses) Advocate/Resources/Services/Locator (TX & nationwide)