If you have limited income and resources, you may qualify for help paying some healthcare and prescription drug costs. Fifty-two percent of seniors in Hawai‘i qualify for the Medicare Extra Help program.
Have you found the right Medicare plan yet? If so, stay with it. If not, you can enroll, disenroll, or change plans from Oct. 15 to Dec. 7 during the Medicare Annual Election Period. Every year, plan features and prescription coverage change, so you should practice due diligence to discover what fits your current needs best.
Hawai‘i has 268,000 Medicare beneficiaries in 2019 — nearly 19 percent of the state’s total population. About 45 percent of Hawai‘i’s beneficiaries select Medicare Advantage plans. The remaining 55 percent are covered under Original Medicare. Every year during Medicare’s Annual Election Period, Medicare beneficiaries can add, drop or switch plans. Medicare health plans and prescription drug plans can change in cost, coverage and services every year, so look at your plan’s coverage for 2020 and compare it with other plans.
Seniors not only have to exercise and stay physically and mentally fit; they also need to make their money last longer. Social Security, regular investments (stocks, mutual funds) and retirement plans (401k, IRA) now have to account for an extended life span.