By Trish Pearson
Insure Your Future
Trish Pearson
Open enrollment for Medicare, individual and many group insurance plans falls between October and December for a Jan. 1 effective date. Of course, they do not coincide exactly, so it is important to know the schedule for your coverage.
The important dates for the Medicare annual enrollment period are Oct. 15 to Dec. 7, and for individual insurance coverage for those under 65 the important dates are Nov. 1 and Dec. 15. Open enrollment for coverage through an employer varies, but for Jan. 1, it is generally between Oct. 15 and Dec. 15, depending on the company.
The strategy for Medicare this year is “you don’t need to go steady, it’s okay to date around.” In other words, there are changes in plans which might warrant a switch to another plan and/or another insurance carrier. This year it is important to read the annual notice of change that is coming out this month from your current insurance company. Not everyone will be impacted by the changes, but it is worth the time to read through the notices.
People who are on non-generic prescription medications could feel the greatest impact. Insurance carriers are adjusting their formularies, which could impact drug coverage. These changes are due to the major reduction in the out-of-pocket maximum for drug costs in 2025 to $2,000 per year.
Some companies are also changing the added benefits coverage for dental, over-the-counter medications, vision and hearing. All changes will be outlined in the annual notice of change. If the current plan is no longer a good fit, there are other good options available with other carriers.
For those under 65 with individual insurance, both Anthem and ConnectiCare will offer plans on the exchange in 2025. Renewal notices will go out in October. Be sure to read the instructions for renewal and what, if any, action you should take. Do not ignore the notices, as coverage can expire on Dec. 31. HUSKY notices are also going out monthly. Some people are no longer eligible for HUSKY, but may be eligible for a plan through the exchange with an advanced premium tax credit or through the CoveredCT program. If you are not sure about options, contact a broker who is certified on the exchange to get help.
Turning 65 in 2025? It’ not too early to begin planning your Medicare enrollment. It is advisable to enroll in Medicare Part A even if you remain on a group plan through an employer. It is worth taking the time to compare Medicare options with current coverage to determine if Medicare and a supplemental plan will provide more comprehensive coverage at a lower cost.
To find out more, attend an educational seminar where we explain the ABCs of Medicare. Orange will host two sessions on Oct. 8 in the afternoon and again in the evening. The Milford session is scheduled for Oct. 15 at 6:30 p.m. at the Milford Arts Council.
Trish Pearson is a licensed independent insurance agent and certified long term care specialist. Contact her at 203-640-5969 or trishpearson281@gmail.com.