Medicare Open Enrollment is approaching! This year’s enrollment period starts on October 15th, so it is about time to start preparing!1 Here are our 6 tips for Medicare enrollment prep:
Understand the enrollment periods
The initial enrollment period consists of seven months, starting three months before you turn 65 and ending three months later. The annual Open Enrollment period occurs between October 15th and December 7th where you can drop or switch your plan coverage. General Medicare Enrollment period is for those who miss the Initial Enrollment period and can sign up between January 1st and March 31st.
Be sure to check the mail
Medicare and Social Security notices may be headed your way, so keep an eye out for important information, including the Annual Notice of Changes (ANOC), for those currently on a Medicare plan. This notice will include information about changes to coverage, costs, or service area that will become effective in January 2023. This notice is sent out by your Medicare Plan provider, and you should look to receive it sometime during September.
This is the time to review
Review your current coverage and determine if you will need to change your coverage in the upcoming enrollment period. You can request a copy of the Trek Medicare eGuide by contacting your financial advisor. This handbook will look at pricing in the current year to help you determine if you may need to update coverage for next year. You can also take a peek at the Medicare Plan Finder to preview health and prescription drug plans. This medicare.gov resource allows you to create an account in order to see drug prices based on your needs, compare your current plan to others, access and store your drug list, and more.
Look into a Medicare Advantage plan
The original Medicare plan consists of Part A (hospital coverage), Part B (outpatient services), and Part D (prescription drugs). Now may be a good time to look into switching to a Medicare Advantage plan because it may provide more coverage than what your current setup allows for. Medicare Advantage acts as an all-in-one plan, including coverage for services like dental care and vision exams – services that are not covered under an original plan.
Keep track of your medications
It’s important to take a quick inventory of the medications you’re taking, even if it’s just one or two. It might be a good idea to talk with your doctor to see if there are medications you may be likely to take after 65. This will help you look for plans with the right amount of prescription drug coverage for your needs.
Applying for Medicare coverage is not as difficult as you may think. Beneath all the bureaucracy and confusing terminology there is a logical system that can be understood once you break through the initial first steps. Your advisor will guide you through the process and clarify any confusion you may have.
Investment advisory services are offered through Trek Financial, LLC., an SEC Registered Investment Adviser. Information presented is for educational purposes only. It should not be considered specific investment advice, does not take into consideration your specific situation, and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
Medicare.gov, September 29, 2022. https://www.medicare.gov/sign-up-change-plans/joining-a-health-or-drug-plan.
Medicare.org, September 29, 2022. https://www.medicare.org/articles/five-simple-ways-to-prepare-for-medicare/.