With open enrollment beginning today, it’s time to start thinking about your New Hampshire Medicare benefits.  If you’re new to the enrollment procedure, it’s imperative to know the basics of Medicare, who is eligible, and what the many programs entail. There are four primary types of coverage designed to fit the needs and budget of most patients. However, as with many previous years, 2021 will come with changes.

New Hampshire Medicare open enrollment is happening now

October 15^th through December 7^th are the dates to remember. During this window, Medicare plan enrollees have the opportunity to reevaluate, make changes, and purchase new policies should they choose to do so.

This period is your opportunity to:

• Enroll in a new Medicare plan
• Change from Medicare to Medicare Advantage (or vice versa)
• Switch from one Medicare Advantage plan to another
• Enroll in a Part D plan
• Revisit your Part D and make necessary coverage adjustments
• Purchase, or drop, other supplemental coverage options

Open enrollment does not apply to the following:

• Open enrollment does not apply to Medigap plans
• If you didn’t enroll when you were first eligible, you need to wait until January 1^st to do so
• Medicare Advantage open enrollment occurs from January 1^st through March 31^st

What’s New in 2021

Below is a brief overview of what’s new in Medicare for the upcoming year. Keep in mind, this is an overview. It’s always best to consult with your trusted professional Medicare advisor for a more in-depth understanding of what’s covered and what plan is best for your needs.

• Lower out-of-pocket costs for insulin with the Part D Senior Savings Model
• ESRD patients are now eligible to join a Medicare Advantage Plan
• Medicare will now cover 12 acupuncture visits in 90 days for chronic lower back pain
• Coverage for Telehealth and other virtual visits

Key Cost Takeaways

• While a federal spending bill has limited the standard Part B premium increase for 2021, the deductible will likely increase.

• Part A premiums, deductible, and coinsurance will increase. The premium increase depends upon the number of quarters worked, the deductible is projected to increase from $1,408 to $1,452, and coinsurance to increase from $352 to $363 per day for the 61^st through 90^th days spent as an inpatient.
• Income brackets for Medicare Part B and D are projected to start at $88,000 for a single person
• Maximum out-of-pocket for Medicare Advantage plans is increasing to $7,550
• Part D’s maximum deductible is increasing to $445

*These figures have been gathered through medicareresources.org

New Hampshire Medicare can be an overwhelming process when starting out. Understanding your options and how each plan may be of benefit is crucial in obtaining the coverage you need for the upcoming year. If you’re uncertain about any aspect, it’s always best to take advantage of the expert resources available to you.

At Brownell Financial, our team has helped hundreds of people understand and choose the best Medicare Plans for their healthcare needs. Be confident in your choices by fully understanding the ins and out of New Hampshire Medicare. For expert advice, contact the team at Brownell today by calling (603) 437-1992.