As the end of the year gets closer, it is a critical time for a senior citizen to review their Medicare Part D plan. Medicare has an open enrollment period from mid October to December 7 of this year to make all selections for 2012. Every year prices can fluctuate for a plan, so it is critical to weigh your options for deductibles, prescription prices, and the overall monthly premium.
Seniors should not delay in signing up for Medicare. Failing to join a Medicare drug plan at 65 years old or going more than 63 days without prescription drug coverage can cause Part D premiums to skyrocket and late enrollment penalties.
Individuals that are eligible for Medicare often have an average of two to three dozen Medicare Part D plans to choose from depending on their state of residence. Adequate research ahead of time and speaking to a skilled elder law attorney will help an individual plan for health care needs and costs as well as protect assets from being depleted.
U.S. News and World Report notes that Medicare Part D plans can often fluctuate in pricing every year from 4 to 14 percent increases, for example. Individuals with yearly income of $85,000 or higher will also see higher premiums. Senior citizens do not need this surprise that can affect their wallet and livelihood.
Retirees should check that the plan they pick for 2012 has the prescription drugs and pharmacy they need and the doctors they are used to going to at a reasonable cost. Beware of having to pay out pocket or being responsible for higher co-pays before the final selection is made.
Littman Krooks LLP counsels seniors and families to access government benefits as well as plan for health care needs and personal decisions. Our New York City, White Plains and Fishkill elder law attorneys and estate planning attorneys are accomplished in comprehensive planning for a senior’s golden years. To learn more about New York elder law, visit http://www.littmankrooks.com/elder-law/.
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