The Medicare Open Enrollment Period is the time during which Medicare beneficiaries can make new choices and pick plans that work best for them. Each year, Medicare plan costs and coverage typically change. In addition, your health-care needs may have changed over the past year. The open enrollment period is your opportunity to switch Medicare health and prescription drug plans to better suit your needs.
The annual Medicare Open Enrollment Period begins on October 15 and runs through December 7, 2019. Any changes made during open enrollment are effective as of January 1, 2020. During the open enrollment period, you can:
Now is a good time to review your current Medicare plan. What worked for you last year may not work for you this year. Have you been satisfied with the coverage and level of care you’re receiving with your current plan? Are your premium costs or out-of-pocket expenses too high? Has your health changed? Do you anticipate needing medical care or treatment, or new or pricier prescription drugs? If your current plan doesn’t meet your health-care needs or fit within your budget, you can switch to a plan that may work better for you. If you find that you’re still satisfied with your current Medicare plan and it’s still being offered, you don’t have to do anything. The coverage you have will continue.
Speak with your advisor or a member of The Trust Company’s Financial Planning Team, who would be happy to help you navigate the Medicare Open Enrollment process.
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