As of October 15th Medicare beneficiaries can make changes to their Medicare benefits. This is the time to review your current benefits and make any changes. If you are unhappy with your current plan or perhaps your health has changed during the past year, now is the time to make any necessary changes like switching Medicare health and prescription drug plans. Each year, Medicare plan costs and coverage typically change so if for no other reason it is important to review your benefits to understand any changes to your current plans.
From October 15 – December 17 you can:
Keep in mind any changes do not take effect until January 1st, 2021.
Medicare Part B (hospital insurance) premium and deductible costs capped for 2021
A provision of the recent spending bill passed during COVID limits Medicare Part B premium and deductible increases to 25% of what they would normally be. In April, the Medicare Trustees expected a 6% increase of the Part B premium but we will not know the true numbers until later this month or early November as this is when costs for the next year are announced.
New and expanded benefits for 2021
If you have any questions, please do not hesitate to speak with your adviser or contact us at email@example.com.