Everything You Need to Know About Medicare Advantage Open Enrolment in 2019

Medicaid planning

Medicare Advantage open enrolment is running from January to March 2019, with the traditional open enrolment period running from mid-October to early December. Here’s a guide to what this means, from your elder law attorney in New Jersey.

Changing Your Coverage – Medicare Advantage Open Enrolment in 2019 

If you are currently enrolled in a Medicare Advantage program, you are able to leave your current plan during this period. You can also move onto an alternative plan, like Original Medicare with a Part D prescription plan for medication, or onto a different Medicare Advantage plan – something that has not been allowed in previous years.

You are only allowed to switch once a year and it must happen within this period. If you signed up for a Medicare Advantage plan during the October-December enrolment period and it didn’t work for you, you can change during the January-March period. Once this change is made, however, you will have to stick with it until the next January-March period.

Important Things to do Before You Switch Medicare Plans 

If you are planning to change your Medicare plan, check to make sure that your preferred medical providers (doctor, local hospital, etc.) are part of the network for that plan in 2019. Also, confirm with them that any medications you are taking are also covered by the plan you want to take.

Be Aware of Fraud 

From April 2019, Medicare will be sending out new ID cards. This is a measure designed to protect beneficiaries from identity theft and fraud. You will receive this new card during the year and you’ll notice it does not have your social security number on it. Instead, it will have a unique but randomly generated ID number. You can use your old card until the new one arrives, and it is important to properly destroy the old card once the new one is in use. When destroying the cars, make sure that your social security number is made unreadable.

Need Help Applying for Medicaid or Qualifying for Coverage? Speak to Your Elder Law Attorney in New Jersey 

Frank R. Campisano is highly experienced and compassionate elder law attorney with considerable knowledge of Medicaid issues. In addition to planning ahead financially for Medicaid eligibility, he is also able to assist with applications, appeals and other Medicaid issues. If you or a family member needs assistance with their Medicaid planning or protecting their assets effectively, don’t hesitate to get help today.

In addition, you can also prepare additional estate planning documents, such as your Last Will and Testament, Healthcare Proxy, Power of Attorney documents and trusts.

For a free consultation and Medicaid assistance or NJ estate planning, please contact us today and speak to Frank R. Campisano.

Incentive Trusts – Giving You Greater Control Over Your Estate

If you want to have the advantages of a trust but greater control over the assets within it, an incentive trust may be the right tool for your estate plan. Here is a quick guide to how these trusts work and the different benefits they offer, from an estate planning attorney in New Jersey.

What is an Incentive Trust? 

This is a legally binding trust where the trustee holds and manages the assets granted to the trust by the grantor. Unlike other trusts, the trustee must adhere to specific requirements and meet certain conditions that the grantor sets out in the formation of the trust in order to receive funds.

These trusts are therefore useful as a means of the grantor to provide funds for a specific purpose for a trustee. For example, a grandparent may want to leave an inheritance to a grandchild but not want them to become reliant on the funds for their living. The trust can then be set up to only provide funds when the grandchild has achieved a certain level of education.

Another good use of this type of trust is to ensure that your children or grandchildren are ready to handle their inheritance before they receive it. This can mean portioning it out at different stages of their life according to their age or life events (graduation, marriage, first child) and specifying different uses for it (buying a property, funding education or healthcare, or even funding their retirement).

Passing on Family Values and Responsibility, Not Ruling from the Grave 

Because an incentive trust gives the grantor very specific control over the distribution of the trust’s assets, it can be used to rule from the grave – which is understandable but not advisable. After all, it is difficult to know or understand the personal challenges and economic conditions facing the generations that come after us.

However, if done with careful thought and input from trusted advisors, these trusts can support your heirs rather than control them. By aligning your conditions with your values and allowing trustees to develop their own sense of financial responsibility, your heirs can be guided to their own success.

Develop an Estate Plan that Supports and Cares for Loved Ones with Your Estate planning attorney in New Jersey 

At Sedita, Campisano and Campisano in New Jersey, estate planning attorney Frank Campisano is ready to assist you with all your estate planning needs – whether you need to make a business succession plan, a personal estate plan, Last Will and Testament, Power of Attorney, a Living trust or to minimize inheritance tax on your estate.

Let us deliver expert estate planning advice to take care of all your wishes – whether your needs are big or small. For more information, contact us today.

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