A Medicare Rundown for 2021
It’s that time of year again. Medicare open enrollment is fast approaching for individuals who are ages 65 and over, and we realize that it can be an intimidating process to both understand and complete. So, with that in mind, our team wanted to share a rundown of the essential things to know regarding Medicare enrollment and changes that might impact your Medicare Advantage plan and prescription drug coverage.
What to Know About Medicare Open Enrollment This Year
Annual open enrollment for Medicare’s 2021 period begins October 15th and runs through December 7th. Financial advisors recommend that beneficiaries thoroughly review and choose the plan that best fits their unique needs. This open enrollment period is the time when individuals can change their Medicare health plans and prescription drug coverage for the year ahead.
Especially due to the COVID-19 pandemic, changes in health conditions make it necessary to revisit health plans during Medicare’s open enrollment period. COVID-19’s effects could even trickle down to physicians no longer being available under your current plan, not to mention plan costs and specific medication reimbursements.
Additional Medicare Options to Consider in 2021
As you’re deciding which Medicare plan is right for you—original Medicare or Medicare Advantage—you might consider additional options that include Medicare Supplement Insurance (Medigap) or a Medicare Medical Savings Account (MSA).
- Medigap—Most individuals are served well by a Medigap plan that coordinates with their Medicare coverage. If they happen to contract COVID-19 or other health problems and do not have Medigap, they will encounter Medicare cost-sharing. Having a Medigap policy can help pay a portion of remaining costs like co-payments, coinsurance, or deductibles.
- Medical Savings Account—An MSA combines a high-deductible insurance plan with a medical savings account to help pay for your healthcare costs. This is a great option for individuals who are not able to purchase a Medigap plan.
Are You Prepared for 2021?
Since all changes to your Medicare plan will take effect on January 1st of the next year, it’s important to make sure you are prepared. Our advisors are here to help guide you along your Medicare enrollment journey. Contact us today to schedule a consultation if you’d like to discuss further.
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