It’s Medicare open enrollment season and the advisors at LBA are “jamming”!
Medicare open enrollment is the annual opportunity for Medicare recipients to review and potentially change their Medicare coverage. This period runs from October 15th to December 7th each year. There are several reasons why reviewing and possibly making changes to your Medicare elections may be appropriate:
1. Changes in Health - As people age, their healthcare needs can change. New medical conditions or a change in existing ones may require different types of coverage. By reviewing your Medicare plan, you can ensure it aligns with your current health needs.
2. Lifestyle Changes - Changes in lifestyle can also impact your healthcare needs. For example, if you've recently retired, your insurance needs might differ from when you were working. Alternatively, if you're now traveling more, it might be important to find coverage that travels with you.
3. Budget Considerations - Your financial situation can evolve, and your budget may be different than when you initially selected your Medicare plan, either in a good or bad way. Reviewing your plan can help you find options that may be more cost-effective or provide richer benefits.
4. Government Changes - Medicare rules and regulations can change from year to year. The federal government may make changes to Medicare policies, which can affect your coverage. Staying informed and adapting your plan to these changes is essential.
5. Insurance Carrier Options: Insurance carriers offering Medicare supplements, Medicare Advantage plans, and Part D plans, can adjust their offerings annually. Reviewing your plan allows you to explore different carriers and potentially find a plan that better suits your needs, and can even save you money.
During open enrollment you can make Medicare coverage changes. It's essential to compare plans, evaluate your needs, and consider factors like premiums, deductibles, out-of-pocket costs, and provider network access. Even your resident state can affect your choices.
To make an informed decision, you can use online tools provided by Medicare, consult with insurance agents (who ideally are independent like the advisors at LBA), and review plan documents carefully. Taking advantage of the open enrollment period allows you to optimize your Medicare coverage to best serve your evolving healthcare needs, budget, and lifestyle.
