medicare enrollment webMedicare Open Enrollment for 2018 starts October 15 and remains open until December 7. During this annual enrollment period (AEP) you can make changes to various aspects of your coverage. You can switch from Original Medicare to Medicare Advantage, or vice versa. You can also switch from one Medicare Advantage plan to another, or from one Medicare Part D (prescription drug) plan to another.


And if you didn’t enroll in a Medicare Part D plan when you were first eligible, you can do so during the general open enrollment, although a late enrollment penalty may apply.
If you want to enroll in a Medicare Advantage plan, you must meet some basic criteria.
You must be enrolled in Medicare Part A and B.
You must live in the plan’s service area.
You cannot have End-Stage Renal Disease (some exceptions apply).

2018 Medicare Coverage Changes:
Medicare recipients reaching the donut hole will benefit from better prescription drug discounts. The gap in prescription drug coverage (the donut hole) starts when someone reaches the initial coverage limit ($3,750 in 2018), and ends when they have spent $5,000 (these thresholds are each $50 higher than they were in 2017). For 2018, while in the donut hole, enrollees will pay 35 percent of the cost of brand name drugs (down from 40 percent in 2017) and 44 percent of the cost of generic drugs (down from 51 percent in 2017). The Medicare Part D deductible will be $405 in 2018, up slightly from $400 in 2017.

Medicare Part B premiums will fluctuate again for 2018. In 2017, most Medicare Part B enrollees paid an average of $109/month for their Part B premium, although enrollees with income above $85,000 had higher premiums. But the standard premium for Medicare Part B was $134/month in 2017. The reason most enrollees paid an average of only $109/month was because the cost of living adjustment (COLA) for Social Security wasn’t large enough to cover the full increase in Part B premiums.

New income brackets for Part B enrollees with high incomes. For Medicare purposes, “high income” begins at $85,001 for a single individual, and $170,001 for a married couple. Enrollees with income between $85,001 and $107,000 ($170,001 and $214,000 for a married couple) won’t see any changes to their bracket.

Medicare Advantage plans continue to see changes. While healthcare reform is slowly reducing rebates paid to Medicare Advantage plans, these plans continue to be popular. Most people will continue to have dozens of Medicare Advantage plans as well as Part D plans available to them. These providers can change the coverage options they offer from year to year so it’s important to stay up-to-date.

Most Medicare beneficiaries should receive their Annual Notice of Change (ANOC) and Evidence of Coverage (EOC) from their existing Medicare Advantage and Medicare Part D plan providers by Sept. 30. It’s important to carefully review the information sent to you by your plan provider, since this will cover any possible changes. For example, increasing co-pays, changes to drug formularies or changes to treatment coverage. Once open enrollment gets underway, you can make changes that reflect your current health coverage needs.

If you have any questions about Medicare please give us a call at 610-868-9299. We are happy to answer your questions and guide you through Medicare Open Enrollment. HealthCare Solution Benefits, Inc. is located at 324 9TH Avenue, Bethlehem, PA 18018. Ann Miller can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it..

More Finance Articles

  • 10 Commandments of Selling Your Home

    Whether you are buying or selling a home, it can be quite an adventurous journey. Here is simple advice for consumers when buying or selling a home. What is the home you’re buying/selling really...

  • 7 Deadly Sins of Real Estate

    Advice to help your real estate transactions. Helpful tips that will make your real estate transactions much easier.

  • Are You Planning for a Good Retirement?

    Most people who vacation spend many hours planning before hand. They purchase tickets, make reservations, schedule tours and transportation and anything else that allows them to relax and enjoy their...

  • Are You Ready for Medicare Open Enrollment?

    Medicare Open Enrollment for 2018 starts October 15 and remains open until December 7. During this annual enrollment period (AEP) you can make changes to various aspects of your coverage. You can...

  • Beach Property Drawbacks

    Erosion due to storms can be a huge challenge!   While it can happen any time of the year, erosion due to storms can have a dramatic impact on beachfront properties as evidenced by this picture in...

  • Benefits of Using Senior Real Estate Specialist

    Seniors have unique situations that call for someone trained to best handle them. A specialist brings more than just a realtor’s license when helping seniors with their real estate issues. These...

  • Buying or Selling a Home? Use a Realtor with Experience

    Similar to younger generations, seniors are an active demographic in the real estate market. Whether downsizing or moving closer to family, seniors need and desire to transition into a new home for...

  • Getting the Right Help for Your Move

    When you’re ready to move, are you going to call your friends with pickup trucks to come over and help?  When relocating from a large four bedroom home to a one or two bedroom apartment in a senior...

  • Industry News For Professionals July-August 2017

    Lehigh Valley Aging in Place Coalition (LVAIP). The mission of LVAIP is to provide an ongoing forum for professionals from private, public, non-profit and business sectors to inform, educate and...

  • Is a Reverse Mortgage Right for You?

    What is a reverse mortgage?A reverse mortgage is a government insured loan which allows homeowners to access the equity they have built up in their homes. The homeowner retains title to their home. Unlike...

  • Key Steps to Selling Your Home

    Local realtor, Elissa Clausnitzer, SRS, CMRS shares some important tips on selling your home.Representation The job of a real estate agent is to represent your best interests in each step of the...

  • Maximize the Value of Your Home

    In the Lehigh Valley demand for a home is up and home inventory is down. Many boomers and seniors looking to move or downsize are in the driver’s seat. 2017 is shaping up to be one of the best...

  • Need to Sell a Home to Move to Senior Living?

    Need to Sell a Home to Move to Senior Living?You made the decision to move to senior living. For some this would seem like a daunting task – and it can be. But there is help available so that the...

  • New Medicare Cards - What You Need to Know

    There are big changes coming to your Medicare card next year. Starting in April of 2018, people with Medicare will begin to receive NEW Medicare cards with one major difference – your Medicare...

  • Preventing Medicare Fraud

    Did you know that Medicare Summary Notices (MSNs) provide important information to help you prevent Medicare fraud?  Many people know this as the “This is not a bill” statement. Medicare consumers...

  • Preventing Medicare Fraud

    Each year, Medicare loses $60 - $80 billion to fraud and abuse. Money lost to fraud means increased costs, and can diminish the quality of care you receive. The Senior Medicare Patrol at the Center...

  • Property Tax/Rent Rebate Deadline Extended

    The Property Tax/Rent Re­bate program deadline for older adults and residents with disabilities to apply for rebates of rent and property taxes paid in 2015 has been extended from June 30 to...

  • Realtor for Veterans

    Veterans can use help from time to time. I am honored to work with veterans and to help them obtain financing for their homes. Of particular importance is the VA Home Loan program - a mortgage option...

  • Retirement Planning: More Than Building a Nest Egg

    John and Mary did everything right – or so it seemed. They worked hard, saved money, invested wisely, and spent prudently. Now in their golden years, John and Mary looked back contentedly upon a...

  • Reversing Reverse Mortgage Myths

    “Don’t get a reverse mortgage, you’re giving your home to the bank.” Having been in the reverse mortgage business for the better part of a decade, I have heard many things said about reverse...

 
Contact Us

Please enter your data here. Fields with an asterisk (*) are required.
Please provide us with a phone number or email so we may respond to your request.
Full Name (*)

Please type your full name.
E-mail

Invalid email address.
Phone

Invalid Input- please enter in form: 123-456-7890
How may we be of service? (*)

Please tell us how big is your company.
Please enter the characters shown. (*)
Please enter the characters shown.
Refresh
Invalid Input