What Is Medicare Open Enrollment?
Key Points – What Is Medicare Open Enrollment?
- When Is the Medicare Annual Open Enrollment Period?
- What Changes Can Be Made?
- How to Take Action During the Medicare Annual Open Enrollment Period
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What You Need to Know About the Medicare Annual Open Enrollment Period
A special event is about to start that is a critical part of the financial planning process. We’re talking about the Medicare Annual Open Enrollment period. We’re going to give you a high-level overview of what Medicare Enrollment is, when it is, who it’s for, and how to take action (if necessary).
According to the Centers for Medicare and Medicaid Services, the Medicare Annual Open Enrollment period is a time “when all people with Medicare can change their Medicare health plans and prescription drug coverage for the following year to better meet their needs.1” Those with health and prescription drug plans can make annual changes, which can be related to coverage, cost, and which pharmacies/providers are available in your network.
When Is the Medicare Annual Enrollment Period?
The Medicare Annual Enrollment period runs from October 15 through December 7 each year. Opportunities to make changes outside of that timeframe are few and far between. The Medicare Advantage Open Enrollment Period is from January 1 to March 31. Click here to see the Medicare’s list of life events that qualify for a Special Enrollment Period.
If you downloaded and have been staying up to date with our 2024 Retirement Planning Calendar, hopefully it helped remind you of the timeframe for the Annual Open Enrollment Period. Obviously, we’re getting close to the end of 2024, but there are still some other important things to note on our 2024 Retirement Planning Calendar for the balance of the year. So, download your copy below and be on the lookout for the 2025 Retirement Planning Calendar as well.
2024 Retirement Planning Calendar
Who Is It for?
You become eligible for Medicare at age 65 (or potentially earlier for some people with disabilities). The Medicare Annual Enrollment period is for people who have Original Medicare (Medicare Part A and B), Medicare Advantage (Medicare Part C), or a standalone Medicare prescription drug plan (Medicare Part D). The Medicare Annual Enrollment period does not apply to people who have Medicare Supplement Plans.
Are You Wanting to Change Plans?
If you want to make changes in coverage during the annual open enrollment period, please take note of what changes you can make. These changes would then take place beginning January 1 of next year.
- If you have Medicare Part A or B, you can switch to Medicare Part C.
- If you have Medicare Part C, you can go back to Medicare Part A or B.
- You can switch from one Medicare Part C plan to another.
- You can join, change, or drop a Medicare Part D prescription drug plan.
Making Sure Your Health Care Needs Are Being Met
The bottom line with the Medicare Annual Enrollment period is that it’s critical to make any necessary coverage change during this time so that your health care needs are being met. So, as the annual enrollment period begins, review your current plan and see how it holds up to other Medicare plans. Are you adequately covered, or do you need to make changes for next year?
That’s one of the most important questions that you need to be asking yourself from a wealth management perspective. That’s also why we created our Retirement Plan Checklist. It consists of 30 yes-or-no questions—some of which pertain to healthcare—and an age-based timeline of key retirement considerations. Make sure to download your copy below!
Have Any Questions?
If you have any questions about the Medicare Annual Enrollment Period, medicare.gov is an excellent resource. And, of course, our team is ready to answer any questions you have as well. The insurance specialists that we have on staff are a very important component of our team approach to financial planning.
You can ask us any questions related to annual open enrollment or Medicare in general by starting a conversation with our team below.
As one of our Managing Directors, Dean Barber, always like to say, “Stay healthy and stay safe” during this Medicare Annual Enrollment Period.
Resources Mentioned in This Article
- Retiring Before 65: What You Need to Consider
- Is Medicare Free?
- Starting the Retirement Planning Process
- Healthcare Costs During Retirement
- Getting Ready for Retirement: Don’t Retire without Doing These Things First
- Why You Need a Financial Planning Team with Jason Gordo
Downloads
Investment advisory services offered through Modern Wealth Management, Inc., a Registered Investment Adviser.
The views expressed represent the opinion of Modern Wealth Management a Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.