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Medicare 2012 enrollment begins Oct. 15, ends early this year; medicare expert comments on this year's changes
FoxBusiness
The Medicare open enrollment period begins and ends earlier this year, and now is the time for Medicare recipients to review their options and make unrestricted changes to their coverage options. The period, which runs from Oct. 15 to Dec. 7, is a good time to assess current coverage and shop around for other plans that might better meet your needs and financial situation.
In order to make the most-informed decision, Medicare consumers need to be aware of the changes coming to the system.
Joe Baker, president of the Medicare Rights Center, a non-for-profit counseling organization in New York, discussed the following changes and updates for 2012 that boomers need to know:
**Boomer: What changes and updates have been made to Medicare for 2012?
Baker: The first change is when you can make a change to your current plan. It now starts earlier, on Oct. 15th and it ends earlier on Dec. 7. In the past the enrollment period started in November and extend through the holidays and the end of the year. Folks in Medicare Advantage plans will be getting an annual notice of change about what might be changing in their plan, Part D plan or prescription drug coverage, by the end of this month.
When it comes to benefits and other costs, there’s some good news this year. If you are in a Medicare Advantage plan and have Part D as a separate prescription drug plan, or part of Medicare Advantage, premiums are not going up this year. The federal government announced that on average, Medicare Advantage premiums would probably decrease by 4%, and Part D prescription drug premiums would stay about the same.
This is good news if you are not looking to change plans, prices and benefits are remaining stable despite the volatility in the marketplace. With that said, you should still research your own individual plan, any notices that detail plan changes will be more general and won’t be individualized for you. If you are taking a particular drug, or getting a specific type of treatment, be sure to check there are no changes that might impact them.
