By: Joan Reed Wilson, Esq.
The Medicare Annual Enrollment Period (“AEP”) began this week and extends until December 7. AEP is the time that Medicare recipients can change their Medicare plan.
People who have been satisifed with their plan may not think to review their plans; however, it is wise to do so every year. Why? For one, the plans change every year. This year, Aetna was bought by CVS so some of their prescription drug plans changes. In addition, many new plans come out each year. There are over 25 plans to choose from in Connecticut this year. Another reason to review your plan each year is because your health changes. You may need surgery next year or have been prescribed a new prescription that would be better covered under a different plan.
What does it cost to have your plan evaluated? NOTHING! Insurance agents who have been studying the new plans for months are available to review your plan for free. Many also review your qualifications for the Medicare Savings Plan, which is a state-funded program that pays your Medicare premium, prescriptions and copays if your income is below certain limits.This year, Medicare recipients can qualify for the Medicare Savings Plan if they make less than $2,196.51 -$2,560.86 (individual)/ $2,972.99-$3,466.14 (couple).