Act now if you’re unhappy with your Advantage plan

If you picked a Medicare Advantage plan during annual enrollment and it isn’t what you expected, you can return to original Medicare this month.

You can also select a Part D Prescription Drug plan right now. And, you can even apply for a Medigap plan, subject to medical underwriting questions about your health.

Did you see Medicare’s Part A deductible is going from $1,156 to $1,184 in 2013? Since it’s not an annual deductible, you could have to meet it more than once. With Medicare, there’s no limit on how high your annual out-of-pocket costs could be. With an Advantage plan, you can set a definite annual maximum on the cost of your covered health care.

Here are three ideas to help you deal with the increase in standard Part B premiums from $99.90 now to $104.90 next year.

  1. See if your generic medicine is available for free at Publix.
  2. If you’re self-employed, you can deduct your Medicare Part B and Part D premiums (but not your spouse’s) on the front of the 1040 per IRS revised Publication 535.
  3. Use the extra benefits available with Medicare Advantage plans to cut your out-of-pocket expenses for things Medicare doesn’t cover. Advantage plans are well known for helping with things you need every year, like dental care, that’s just not covered by Medicare.

The is a once-a-year health insurance opportunity, you will not have much more time to take advantage of this.

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