At Geyer Law, we know – healthcare is, and will continue to be a crucial topic in any estate planning discussion. As part of the process, we help our clients complete their Advance Directive for Health Care Decisions documents, in which they:
- appoint a health care representative
- state their wishes concerning end-of-life treatment
- state their wishes for post death handling of their remains
Because healthcare planning is about so much more than formalizing these healthcare choices, at our estate planning law firm we also talk about the realities and opportunities for retirement living through all stages of the aging process. Even the most careful choice of representatives or of facilities does not solve the problem of escalating health care costs, and, in many instances we offer guidance in helping a loved one qualify for Medicaid benefits.
When it comes to health insurance during retirement, each calendar year, there is a Medicare Annual Enrollment period from October 15-December 15, during which anyone who has Medicare can make changes for the upcoming year. This year, though, a new Medicare Advantage Open Enrollment period (MA-OEP) is open from January 1 through March 31, 2024 for individuals on Medicare Advantage Plans only, not to individuals who are on traditional Medicare supplements and a stand-alone Medicare Part D plan.
Interviewed by our blog team, Jay Cox, Certified Retirement Financial Advisor* broke down the options available between January 1 and March 31 of 2024 (again, these apply only if you’re already in a Medicare Advantage Plan):
- switch to another Medicare Advantage Plan with better coverage
- drop your Medicare Advantage Plan and go back to original Medicare and add a supplement, if desired
- switch from one Medicare drug plan to another
While more than half the nation’s seniors continue to be insured through Medicare Advantage, Cox points out, the new Open Enrollment Period is being offered to help those who signed up in the fall of 2023 but, who are just now receiving their plan documents, feel the coverage is different from what they had understood.
At Geyer Law, we want to make sure our clients and blog readers are aware of the opportunity to make important health coverage decisions.
* Independent agent Jay Cox may be reached at https://personal benefitsservice.com or (317) 559-2140.
– by Ronnie of the Rebecca W. Geyer & Associates blog team