It is that time of year. The kids and grandkids are back in school, the pumpkin is spiced, and your festive neighbors across the street are taking out their Halloween decorations.
All of this can mean only one thing: It is Medicare Open Enrollment season, so mark your calendar!
Open enrollment, which runs from October 15 to December 7, is the time to make changes to Medicare coverage to ensure your healthcare needs are met. Medicare Advantage enrollees who wish to change plans or switch to traditional Medicare may also do so between January 1 and March 31 each year during the Medicare Advantage Open Enrollment Period. It is important to note that there are some restrictions on what changes you can make during Open Enrollment. For example, you can only switch to a new Medicare Advantage plan if you live in the plan’s service area.
If you or a loved one is covered by Medicare, this is a time of year you cannot afford to ignore. If you are already enrolled, your current coverage will automatically renew. There are some exceptions, however, such as if you are enrolled in a Medicare Advantage plan that has been discontinued.
If you are new to Medicare, the best time to enroll is during your Initial Enrollment Period, which is a seven-month period that begins three months before the month you turn 65 and ends three months after the month you turn 65.
Here are four things you need to know:
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Open Enrollment Dates Matter. This is your opportunity to review your coverage and make changes for the year ahead. Missing this window may limit your options for adjusting your plan. |
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Evaluate Your Coverage. Before making changes, examine your coverage. This includes your Original Medicare (Part A and Part B) and any additional plans you may have, such as Medicare Advantage (Part C) or Medicare Prescription Drug Coverage (Part D). Review your healthcare expenses, prescription medications, and any health changes you’ve experienced in the past year and confirm your current coverage is working for you. |
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Understand Your Options. During open enrollment, you can stay with your original Medicare coverage; switch to a Medicare Advantage plan, which often includes additional benefits like prescription drug coverage and dental care; alter your Medicare Advantage Plan so that it better suits your needs; adjust your prescription drug plan; or consider supplemental coverage. |
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Review Plan Costs and Coverage. It is important to compare the costs and coverage of different Medicare plans. Pay attention to premiums, deductibles, copayments, and the network of healthcare providers. Assess how well each plan covers your current healthcare needs, including prescription drugs, doctors, specialists, and hospitals. |
Remember, the choices you make during Medicare Open Enrollment can impact your healthcare and finances for the entire year ahead.
We’re here to help!
Choosing the right coverage can be complex. Don’t hesitate to reach out. We can offer guidance to help you navigate the options and select a plan that aligns with your goals.
