Fall 2019

Medicare Open Enrollment Season

Trevor K. Thompson, CFP®

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From October 15th  to December 7th,  anyone enrolled in Medicare has the opportunity to review their coverage and make changes that will go into effect on January 1st, 2020. Fall provides us a great opportunity to take stock and prepare for the year ahead. As our health care costs continue to rise, taking stock and making  prudent health coverage decisions during Medicare Open Enrollment is very important.

Each year, insurance companies can make changes to Medicare plans that can impact the cost to beneficiaries.  The open enrollment provides an opportunity to evaluate if your current coverages are appropriate for your circumstances.

The open enrollment period allows the following changes:

  1. Changing from Original Medicare to a Medicare Advantage Plan or vice versa
  2. Switching Medicare Advantage Plans
  3. Joining or switching a Medicare Part D Prescription Drug Plan
  4. Dropping your Medicare Part D Prescription Drug Plan coverage

Original Medicare includes Medicare Parts A and B. Part A is generally free and covers hospital costs. Medicare Part B covers doctors’ fees and outpatient services for a monthly premium. Medicare Advantage plans are private plans that cover the hospitalization and outpatient services of Original Medicare and often offer prescription drug coverage as well. Additionally, Advantage plans can also include benefits not covered by original Medicare such as vision, hearing and dental services. However, Advantage providers do have a limited network of providers.

For enrollment details and other information visit medicare.gov.


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