Magazine article VFW Magazine

Medicare Part D Open for Enrollment Now

Magazine article VFW Magazine

Medicare Part D Open for Enrollment Now

Article excerpt

This year's Medicare Part D open enrollment dates are Oct. 15 to Dec. 7,2013. This is the designated period to make changes for your 2014 Medicare Part D prescription drug coverage

Your Medicare prescription drug plan, known as Part D, can fluctuate each year in what is covered and how much it costs. The Centers for Medicare & Medicaid Services suggests that you review your Part D plan each year to ensure it will continue to meet your needs. Your plan's coverage and cost may not change, but changes in your health or finances may be reason for you to adjust your plan.

By the end of September, your plan provider will send you an annual notice of change (ANOC) in the mail. It will include any changes in coverage, costs or service areas that will be effective in January.

Be aware that a Medicare Part D prescription drug plan provider can decide not to participate in Medicare for the upcoming year. If your Part D plan provider decides to leave the Medicare program or stops providing coverage in your area, it will be notated in your ANOC. You will be able to shop for alternate Part D coverage with a new provider.

Important terms to know when reviewing your Medicare plan:

Co-payment: Amount you may be required to pay as your share of the cost for a medical service or supply, like a doctor's visit or prescription. A copayment is a set amount, rather than a percentage. For example, you might pay $20 for a prescription co-pay.

Creditable Prescription Drug Coverage: Prescription drug coverage (for example, from an employer) that is expected to pay at least as much as Medicare's standard prescription drug coverage. …

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