Connect One Health reminds Baby Boomers that the open enrollment for Medicare is October 15 -December 7, 2014. This is a chance for those seniors who are over the age of 65 to make changes to their Medicare insurance plan.
What does this mean for seniors?
Throughout the year, Medicare offers certain types of enrollment periods. Each period offers something different. The Medicare Open Enrollment period is designed to allows seniors to switch plans.
- If you have Medicare Part A then you can switch to Medicare C.
- If you already have Medicare part C you can switch back to Medicare Part A.
What is on the Horizon for Medicare and Medicare Advantage?
There are some big changes for Medicare and Medicare Advantage plans in the near future. The Patient Protection Affordable Care Act (ACA) of 2010 mandates cuts to the subsidized payments that the federal government makes to Medicare Advantage carriers. What this means is that the government has been subsidizing part of the cost of offering insurance to seniors to non-governmental insurance carriers and the time for reducing those payments is drawing near. In fact, by 2022 the subsidies to non-governmental carriers will need to drop by $160 Billion dollars.
The biggest changes may mean that you have to give up your HMO or PPO plan and head back to Medicare. It may also mean that there are other plans that are similar to your current plan, but that will continue to offer the same level of care with little or no price increase. When it comes to rising prices and senior health care, it is always a good idea to shop around. If you have questions about plans or enrollment period, Connect One Health is here for you.