Make the most of Medicare’s annual enrollment period

Make the
most of Medicare’s annual enrollment period

Retirement
& Longevity

With open
enrollment season upon us, ask yourself a few questions to make sure you’re
getting the most from Medicare.

Medicare’s
open enrollment season is upon us. Between October 15 and December 7, you are
able to make changes to your Medicare Advantage plan and prescription drug
coverage.

During this
time, you can change from Original Medicare to a Medicare Advantage plan or
vice versa, or switch from one Medicare Advantage plan to another Medicare
Advantage plan. You can also join a Medicare Advantage or Medicare prescription
drug plan for the first time or drop your drug coverage completely.

Even if
you’re satisfied with your current plan, open enrollment presents a great
opportunity to make sure you’re getting the most out of Medicare. Every year
you should compare your current plan to other plans in your area in case
another plan offers better health and/or drug coverage at more affordable
prices.

The coverage
provided by insurance companies often changes each year. You could wind up
paying more out of pocket on healthcare expenses throughout the year.

Here are
some tips to help you get started:

• Ask yourself: Have my needs
  changed? Is my current coverage adequate? Will the cost of my current plan
  be going up? Are there comparable, lower cost plans available?
• Review the annual notice of
  change from your current plan provider. You should receive this in
  September.
• If you have a Medicare Advantage
  plan, make sure your doctor is still accepting your particular plan next
  year. If your doctor is out of network, you will have to choose a new plan
  or pay higher out-of-pocket costs.
• Carefully review your plan for
  prescription drug coverage and determine your copayment and coinsurance
  costs.
• If you switch from a Medicare
  Advantage plan to Original Medicare, you will want to join a standalone
  Part D plan to get Medicare drug coverage.
• Compare plans using the Medicare
  Plan Finder at medicare.gov.
• Get one-on-one assistance from
  the State Health Insurance Assistance Program.
• Call the Medicare Rights Center
  at 800.333.4114 for free counseling.
• All changes to your Medicare
  plan will take effect on January 1 following the enrollment period.

Pendle Hill
Advisors is proud to support the Montgomery County News with our weekly
columns. If you would like more information about this or past columns, please
feel to contact our office in Historic Montgomery.

Kent Pendleton, AAMS®

Financial Advisor, RJFS

Pendle Hill Advisors LLC

14375 Liberty St, Ste 109 | Montgomery,
TX 77356

T 936-297-8267

Kent.Pendleton@raymondjames.com | www.raymondjames.com/pendlehilladvisors

Material
created by Raymond James for use by its advisors. Securities offered
through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment
advisory services are offered through Raymond James Financial Services
Advisors, Inc. Pendle Hill Advisors is not registered broker dealers and is
independent of Raymond James Financial Services.

Medicare
decisions can be complicated. If you have any questions about open enrollment,
or if you’d like to discuss how healthcare costs factor into your overall
financial plan, please contact your financial advisor.