A Rate Reduction and a Donut Hole – Senior Fun?

Changes in Medicare for 2012 could be called “major” or “dramatic” or indeed, even both.  They could also be called “complicated” or “confusing!”

Folks currently enrolled in Medicare need to be aware that plan changes that may be elected during “open enrollment” are already on a fast-track.  The open enrollment period opened earlier this year (October 15) and will close earlier as well (December 7.)  Elected changes will take effect on January 1, 2012 (with some select changes can be elected as late as February 14.)  Starting on December 8 – you can switch to a Medicare Advantage Plan with five-star rating!  AND … there is more!

As indicated earlier … major, dramatic, complicated and confusing!  BUT… they can be costly if no elections are made and even costlier is the wrong choice is made.  You can find some answers at the Medicare website (click here) OR call 1-800-Medicare and ask for a copy of “Medicare and You, 2012.” 

If you are a Medicare participant, please don’t hesitate to get information NOW.  Then share that information with someone you know and trust and see if you can sort out what works best for you!  If you are a real estate professional with a senior clients in your practice, please consider getting this information to your clients as soon as possible.

Finally about the “reduction” … new participants qualifying in 2009, 2010 and 2011 will see premiums for Part B – reduce from $115.40 per month to $99.90!  As for the donut hole … that’s the “gap” in coverage in most Medicare drug plans between payments of $2,930 to $4,700!  JUST ANOTHER reason to call that Medicare number!