Investor Education | When is Medicare Open Enrollment?
.jpg)
During this period each fall, you can select a new Medicare Advantage or Part D plan or switch back to original Medicare.
It’s that time of year again when you have to make important decisions about your Medicare coverage.
Medicare open enrollment runs from Oct. 15 to Dec. 7 each year. During this period, you can switch from original Medicare to a Medicare Advantage plan, or vice versa. You can also choose a new Advantage plan or new Medicare Part D prescription drug coverage. Coverage will begin in 2022.
However, if you decide you don’t like your selection, you can make a change during the Medicare’s general enrollment period, which runs from January 1 to March 31 each year. Selections made during this period take effect on July 1.
During this time, if you didn’t sign up for Medicare when you turned 65 and you don’t qualify for a special enrollment period, you can enroll in Parts A and B. (You can qualify for a special enrollment period for certain life events, such as moving to a new place that isn’t in your current plan’s service area.) Medicare Advantage beneficiaries can also switch to a new Advantage plan or back to original Medicare.
Medicare provides a tool to help you compare the costs of different medigap, Medicare Advantage and Part D prescription drug plans. The tool will tell you the out-of-pocket maximum and what your specific medications would cost for different Medicare Advantage plans while giving you price ranges for medigap plans available in your area. You can also enter details about your specific medications and see what these would cost under your Part D options.
This newsletter/advertisement is produced for our clients, friends and associates through an arrangement with WPI Communications, Inc. for the representatives’ use. Although the editorial content is professionally researched, written and edited, neither our firm nor any of its agents, representatives or associates make any representations regarding the accuracy of the content or its applicability to your situation. The information in this communication is not intended as tax or legal advice. In accordance with IRS Circular 230, the information provided herein may not be relied on for purposes of avoiding any federal tax penalties. Any tax advice contained in the body of this material was not intended or written to be used, and cannot be used, by the recipient for the purpose of 1) avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, or 2) promoting, marketing or recommending to another party any transaction or matter addressed herein. You are encouraged to seek tax or legal advice from an independent advisor.
Learn More | Contact Our Investment Specialists
Investment Consultant
Tam Hubert, CFP®, CFA
Investment Assistant
Kristi Remus
