Medicare open enrollment – also known as Medicare’s annual election period – runs from October 15 through December 7. During this window, Medicare plan enrollees can reevaluate their coverage and make changes or purchase new policies if they want to do so. For most Americans, Medicare eligibility goes hand in hand with turning 65, but some people become eligible for Medicare earlier.
Be aware that while most Medicare beneficiaries receive Medicare Part A without a monthly premium, some must pay for it. Take note that most prices for 2022 will not be available until late October or November, so you’ll want to talk with your financial professional once they’re published in case you need to make plan adjustments.
The Medicare world is constantly changing. Thanks to COVID-19, we’re seeing some of the most significant changes in the industry yet.
Telemedicine and digital health technology are becoming an established part of medical practices and are likely to persist after the COVID-19 pandemic. Before the pandemic, 15,000 Medicare patients received telemedicine services weekly. By April 2020, that weekly number grew to nearly 1.7 million. Between mid-March and mid-October 2020, over 24.5 million patients (approximately 40% of all Medicare patients) had received a telemedicine service.
During the annual open enrollment period, you can make a variety of changes, including the following that don’t involve medical underwriting:
- Switch from Medicare Advantage to Original Medicare or vice versa
- Switch from one Medicare Advantage plan to another
- Switch from one Part D prescription plan to another
- Join a Medicare Part D plan, although a late-enrollment penalty might apply
- Drop your Part D coverage altogether (Re-enrolling in a later year will include a late-enrollment penalty if you’re not maintaining other creditable drug coverage)
You want to get the most value and protection out of your Medicare coverage, and you need to plan for any upcoming changes. As your dedicated team, reach out to us at (603) 261-3736, and we’ll help you get the information you need to make better-informed decisions.
Adapted from Medicare Resources1
Adapted from The National Law Review2
Bob has a passion for making your money work hard for you. He takes profound joy in ironing out a plan for a long and comfortable retirement, no matter what your current income or level of wealth. With a work ethic second to none, he has a zeal for transforming uncertainty into stable ways for you to protect your future and your family. He knows that the quality of your life you enjoy today can remain as rewarding—or even better—after retirement.
With a strong background in information technology, Carol is instrumental in building operational policies and strategies that keep the organization functioning smoothly. Carol’s organizational skills and her flexibility to jump from priority to priority along with her commitment to customer service makes her an essential part of the Grimard Financial team. When Carol is not working with the Grimard Financial Family, she is a very creative and accomplished photographer.