October Medicare Must-Knows

We strive to keep you informed about the latest Medicare news. Each month, we recap the top information you need to know about recent developments in the Medicare industry. This month, we cover estimated Medicare Advantage premiums for 2020, flu shots and new Medicare cards.

‘Tis the Season for Flu Shots!

Flu season is nearly upon us. Avoid this seasonal illness by getting your flu shot. If you’re on Medicare, the flu shot is free each season, provided you get it from a doctor or pharmacy that accepts Medicare. Don’t delay; get your shot today!

Update: New Medicare Cards

You should have received your new Medicare card with your new Medicare number if you were on Medicare before the new cards came out. As a reminder, bring your new card with you to doctor appointments, so they can update your number in the system.

If you have a supplemental Medicare plan, like a Medicare Advantage Plan or Prescription Drug Plan, you should use that card when you receive care or order prescriptions. Your old Medicare card will expire December 31, 2019, so it’s important to transition over to using your new card before then.

Medicare Advantage Plan Premiums Predicted to Fall

The Centers for Medicare and Medicaid Services (CMS) announced they expect Medicare Advantage (MA) plan premiums will decrease from an average of $26.87 per month in 2019 to $23 in 2020. If this happens, this will be the lowest average premium in 13 years.

We estimate that there will be continued growth in Medicare Advantage (MA) plans over the course of the next ten years. We recommend that individuals who will enroll in Medicare in 2020 keep an open mind about MA plans as they have many advantages over Original Medicare.

Medicare’s Annual Enrollment Period (AEP) Begins October 15!

If you are a current client, please look out for our AEP communications. If you are happy with your current plan and would like to remain on it, no action is required and your coverage will continue for 2020.

Medicare scams often rise significantly during this season. Read our tips for keeping yourself safe this AEP!

We’d Love to Hear from You!

If you have questions about anything covered in this post, please comment below, call us at 1-877-222-1942 or email us at client@retiremediq.com.

If you are not yet a client and have questions about how these topics may affect you as you approach Medicare eligibility, contact one of our advisors at 1-855-804-8397.

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