Medicare open enrollment runs from Oct. 15 to Dec. 7. Any changes you make to your Medicare plan will begin on Jan. 1, 2023. During open enrollment, you can switch from original Medicare to a Medicare Advantage (MA) plan, or vice versa, or even change from one MA plan to another. You can enroll in a new Medicare Advantage plan or Medicare prescription drug plan or drop drug coverage altogether.
It’s a good idea to use the open enrollment window to compare your current plan to other plans and shop for better benefits or greater value. Even if you’re not interested in making changes, this is a good time to review your current plan. Some insurers change their benefits from year to year, and comparison shopping enables you to see if there is another plan that offers better coverage at a more affordable price. Recent research found that nearly half of Medicare beneficiaries who shop for a new plan during open enrollment cut their premiums by at least 5%.
We spend a lot of time discussing Social Security benefit strategies, such as when to begin drawing a payout. Because Medicare generally starts at age 65, we don’t always take the time necessary to investigate what’s available — particularly after the first year. It’s often a “set it and forget it ” proposition. However, it’s important to consider your Medicare benefits within the full context of your retirement income needs each year, particularly if you continue working past age 65.
If you’d like a comprehensive review of how you health and insurance needs work with your retirement income plan, feel free to contact us.