A Medicare Rundown for the Year Ahead

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 begins in mid-October and runs through early December. 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 Next Year

As you’re deciding which Medicare plan is right for youoriginal Medicare or Medicare Advantage—you might consider additional options that include Medicare Supplement Insurance (Medigap) or a Medicare Medical Savings Account (MSA).

Are You Prepared for the New Year?

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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