Considerations During Medicare’s Open Enrollment

How long has it been since you’ve reviewed your Medicare policy? Understanding your options can help you make more informed decisions during the open enrollment period.

With the deadline coming up on December 7th, there are a few things you may want to consider before you renew, add, drop, or switch coverage.

Review Your Healthcare Changes

Have you switched doctors, or is your doctor no longer accepting your current plan? Have your prescription drug needs changed and your Medicare plan no longer covers everything you need?

Regardless of your circumstances, we encourage you to review any changes with your advisor to help ensure that your financial plan accounts for your coverage needs while still keeping you on track toward achieving your goals.

Understand Your Costs & Coverage

When evaluating your Medicare options, it’s important to consider the costs and coverage associated with each plan. Different plans have different premiums, deductibles, and out-of-pocket expenses, so be sure to keep that in mind when assessing your coverage needs.

Medicare.gov is a great resource to compare coverage options, cost details, and provider networks that can assist you in determining which plan is right for you.

Don’t Miss Open Enrollment

The Medicare open enrollment period is an excellent opportunity to review your current coverage and make changes if needed. If you’ve reviewed your plan and realized you don’t quite have the coverage that you want, you can add, drop, or switch plans from October 15-December 7, 2023. Any changes you make will go into effect on January 1, 2024, as long as they are submitted by the deadline.¹

Please feel free to reach out if you have any questions or are considering changes to your coverage for the upcoming year. Our team is here to help.

¹Medicare.gov, 2023