Eric Tomasso
Medicare Open Enrollment is a term that’s widely used at the moment. You may have seen it on TV, in the papers, or have heard others use it in a conversation. Why? Because it’s the period when people can ensure their healthcare coverage matches their needs. And if there’s anything this year has taught us, it’s that healthcare is essential to keep our bodies in tip-top condition.
While its name may sound confusing or even complicated, here’s what the Medicare Open Enrollment Period (OEP) entails: Looking at your current Medicare coverage and changing it. Simple enough? Hopefully, it is, but to help you better understand this period so you can use it to your advantage, let’s dive a bit deeper into how open enrollment works.
The Basics of Medicare Open Enrollment
The OEP starts on October 15 and ends December 7. What does that mean for you? That a good portion of the period is already over, so if you’re looking to make the most out of your healthcare, now is the time to take action before December 7 rolls around.
If you currently receive Medicare coverage, you can use the OEP to make several moves. Do you have Medicare Advantage, Part C, or Part D plans? Now’s the time to see what they offer and to shop around, so you get the best coverage the market offers. If you find something better during your search, you can leverage the OEP to add a Medicare Advantage or Part D drug plan or switch or drop coverage.
That’s the basic gist of what many Medicare users do during open enrollment each year. But the period offers so much more, so let’s look at more specific changes you can make before December 7.
2023
Tax Forgiveness
We know how challenging it can be to pay off your tax debt.
The IRS just announced the 2023 Fresh Start Program, to qualify more people for tax relief!
If you have Original Medicare Parts A and B and want to switch to Medicare Advantage, you can do so. Similarly, if you have Medicare Advantage and want to switch to Original Medicare Parts A and B, you can do that as well.
If you’re signing up for or have Medicare Parts A and B, you can drop or add a prescription drug plan (Part D). And if you don’t like your current prescription plan, you can switch to a new Part D plan.
Lastly, if you’re not satisfied with your current Medicare Advantage plan, you can switch it out for a different one.
Why You Should Use the OEP To Optimize Your Coverage
Even if your healthcare needs haven’t changed over the year, your Medicare plans may have something new in store for 2021. Your Annual Notice of Change will reveal those changes, which could be any of the following:
- Higher out-of-pocket costs.
- Higher prescription costs.
- Differences in drugs covered.
- Premium and deductible changes.
- In-network pharmacy and provider changes.
If any of those changes do not suit your needs, shopping around for better coverage during open enrollment can keep more money in your pocket while also keeping you covered.
Julia Anderson