Over the last month, the Center assisted over 60 clients and friends with Medicare workshops in preparation for Medicare Open Enrollment – October 15 through December 7, 2013. For those Medicare open enrollment allows for changes to:
- Medicare Part D plans
- Medicare Advantage *
- Medigap Plans
*Medicare Advantage plans can also be changed from January 1 to February 12, 2012.
The workshops, highlighted changes in the Medicare plan offerings, changes to Medicare due to the Affordable Care Act, and the tools available for individuals to review and analyze their own plans to make the best choices for their specific circumstances.
Given that healthcare costs can exceed $10,000 per year (and over $250,000 lifetime) for a retired couple*, making the right Medicare choices is critical for retirement success. In addition to ever-increasing health care costs, Medicare premiums are scheduled to increase, likely at a rate in excess of the 1.7% increase for Social Security. It is important that during this limited period of time you carefully evaluate your needs and the available plans to make sure that you are in the most appropriate and cost-effective plan for your situation. You can do your own analysis by using the online tools provided by Medicare or look for the help provided by local senior organizations or independent Medicare consultants.
Taking the time to find the right plan for you can be financially life changing. Contact your financial planner at the Center for guidance in making your Medicare elections.
*Source: MetLIfe Research Institute. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoiong material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decision.