6 Tips on Making the Most of Your Medicare

Each year, everyone with Medicare has a brief opportunity to make changes to their Medicare coverage during the Annual Enrollment Period (AEP). This year's AEP runs from November 15 to December 31. During this time, people with Medicare can switch or join a Medicare Part D Prescription Drug Plan for 2011. They can also decide to join, switch or leave a Medicare Advantage plan for Original Medicare, with any change taking effect January 1, 2011.

Contemplating a change? Here are 6 tips to help you make the most of this opportunity and of your Medicare benefits:

Tip #1: Review, review, review. The upcoming AEP is your chance to select the best Medicare coverage and drug plan. Plans change and so do you, so use this time to review. Start by reviewing what your current (or future) drug plan will offer you in 2011; make sure it meets your current prescription needs. Explore your Original Medicare and Medicare Advantage choices in light of your anticipated health service needs next year, and decide if you need to make a change. Otherwise, you may have to wait until fall 2011 to change for 2012!

Tip #2: Get objective and free help to make an informed decision. Part D and Medicare Advantage companies began marketing their 2011 plans on October 1, and you're likely to see, read, or hear about the choices in your area until the end of the year. Be an informed consumer! Consider ALL your options before making a decision; sort through materials, talk with Medicare benefits counselors in your community, and look into each plan's rating and history. Use objective online resources such as the Medicare Plan Finder tool to help you learn more about the various plans available in your area. You can also get objective and free assistance from your State Health Insurance Assistance Program (SHIP).

Tip #3: Beat the rush. This year the AEP runs from November 15 to December 31—right through two big holidays, Thanksgiving and Christmas. Better to review your coverage early, to ensure all your questions are answered and make any changes early so you know your coverage will be all set come January 1, 2011.

Tip #4: Know your rights. As the name implies, you are a Medicare beneficiary, meaning you have the right to receive the Medicare benefits you're entitled to. Read and hold onto all the mailings you get from Medicare, Social Security, and your plan. Keep them safe, and whenever you have questions, or are not sure you are getting the benefits you are entitled to, contact Medicare (1-800-MEDICARE) and appeal until you are satisfied. Your appeal rights and instructions should be included in every notice you get from Medicare or your plan. Your SHIP can also help you if you need assistance.

Tip #5: Save money in the coverage gap starting in 2011. With help from health care reform, if your drug expenses are really high, next year you’ll see deep discounts if you enter the Part D prescription drug coverage gap, or "donut hole." The discounts will be automatically applied at the pharmacy. The discounts in 2011 (7% off of plan-covered generic drugs; 50% off of plan-covered brand name drugs, minus a small pharmacy dispensing fee) should  help reduce your out-of-pocket expenses during the gap and will increase each year until 2020, when the donut hole is closed completely.

Tip #6: Take advantage of Medicare's expanded coverage of preventive benefits in 2011. Never before has Medicare helped pay so much for preventive care services as it does starting in 2011. No longer will you have to pay a deductible or the typical 20% coinsurance amount to receive most of these services. Check out your Medicare & You 2011 handbook for a complete list of preventive benefits. Also, take advantage of the new, never-before Medicare Annual Wellness Visit—again, free of cost-sharing and a deductible. Be one up on your health, each and every year with Medicare!

For more information about how you can make the most of your Medicare, visit NCOA's consumer site, My Medicare Matters.