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Open Enrollment 2018

Adler Insurance explains what Prescott citizens need to know about the OEPThis year’s Medicare Open Enrollment will soon be coming to town, and that means that you’ll hearing about it a lot until it is over. For those of us who are currently enrolled or looking to enroll in a Medicare plan, it can be the most confusing time of the year. Have no fear, though, because Adler Insurance, a Medicare Insurance Broker in Prescott, is here to tell you what you what you should be doing every year during Medicare Open Enrollment season.

Every year, starting October 15, Part D and Medicare Advantage plan members are able to re-file and adjust their plans. Due to this re-filing, your benefits can change and your premiums can go up, so each year there is an election period where you can outright change your benefits. Each September, your Medicate Advantage or Part D plan provider will send you a document listing all the changes that are happening this year, and if any of them will affect you.

Each Open Enrollment Period, you have a few options:

  • Do nothing and automatically roll over with the same or closest to same plan (if your plan has changed)
  • Enroll in, change, or leave your Part D plan
  • Switch from Traditional Medicare to a Medicare Advantage plan
  • Switch the other direction
  • Change your Medicare plan

Most of our clients ask us “Why should I change my Medicare plan?” Here are some of the more common reasons that you may want to change your plan:

Your plan is dropping one of your medications. Each year the document that outlines the changes in your Medicare plan will tell you if any drugs that you use may be dropped next year, or if there are any formula changes that might affect you. If one of your medications aren’t being covered anymore, it may be time to change Medicare plans.

Your plan is dropping your doctor for the network. If this is the case, you may either need to find a new doctor or switch to a plan that your doctor still participates in.

Your plan has a large cost increase. Most plans increase a bit each year due to inflation, but if your plan is increasing by a substantial amount, you might want to consider switching.

What are changes specific for the 2018 Medicare Open Enrollment?

This year, one big changes will be coming to Medicare plan members during this OEP, is dependent on your income. If you have a Medicare plan and earn more than $133,501 as an individual or $267,000 as a married couple, you will see significant increases in your Medicare plan premiums. For example, someone who makes $160,000 as an individual will now pay $428 for part B. You will receive a statement telling you what you will have to pay for Medicare next year, and will be based on your income from the previous two years.

There is a lot of information to take in, we know. It’s important to stay informed and keep your health and finances safe. If you are having difficulty with your current Medicare plan provider, or are looking to get started on Medicare in Prescott, contact Adler Insurance, call 928-710-1455



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