2019 Medicare Open Enrollment Dates
The annual (AEP) enrollment period for Medicare is from October 15th to December 7th.
New for 2019 and continuing forward Changing Medicare Advantage Coverage is allowed after annual enrollment from January -March.
Coverage elected during the annual enrollment period is effective January 1, 2020.
What can you do during the annual enrollment period?
You can change from Medicare Advantage back to Original Medicare, or vice versa.
You can change from one Medicare Advantage plan to another
You can change from one Prescription Drug Plan (PDP) to another
If I want to keep the same plan will it Auto-Renew?
If you don't want to make changes to your coverage for the upcoming year, you don't have to do anything during open enrollment. That is assuming that your current plan is being continued. Keep in mind that benefits and premiums could change from one year to the next, so be sure to understand those changes and how they may apply.
What's New for 2020 Medicare Plans?
Medigap plans that cover the Part B deductible will no longer be allowed for purchase by newly-eligible Medicare beneficiares. This impacts Medigap plans C and F and was part of the ruling changed under the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA).
The “donut hole,” which is the coverage gap in the Medicare Part D prescription drug plan, will decrease to 25% in 2019 instead of 2020. as a result of the Bipartisan Budget Act of 2018 (BBA 2018). Currently, Medicare pays 56% of the price of your generic drugs while you’re in the donut hole. You are responsible for the remaining 44%. In 2020, the number you will be responsible for is only 25% of the cost. This results in a huge saving for Part D beneficiaries in the donut hole.
Medicare Part B likely to increase in cost for 2020. According to the Wall Street Journal, Medicare's trustees project that the standard monthly premium for Medicare Part B will increase by $8.80 a month to $144.30. A final figure is expected in the fall and AJM Associates will keep you apprised. In 2019 the standard monthly premium was increased $5.50 from $130/month to $135.50/month.
Medicare Part D Deductible increasing $20 from last year (2019) to $435.00. In 2019 the standard initial deductible was $415.00.
The Initial Coverage Limit is proposed to increase $200 to $4,020 from the current 2019 of $3,820
Out-of-Pocket Limit is proposed to increase to $6,350 for 2020. Up $1,250 from 2019 at $5,100.
Next Steps?
Each year Medicare beneficiaries should review their Annual Notice of Change (ANOC) and Evidence of Coverage (EOC) from their current plan provider. These notices should be received by September 30, 2019. Look for increasing co-pays, changes to the prescription drug formulary and/or changes to the treatment of coverage.
Need Additional Help?
Contact AJM Associates at (248) 778-6070 or via email at kruth@ajmassoc.com