What to Know About Medicare Open Enrollment

Understanding Medicare Open Enrollment

Each year Medicare beneficiaries have an opportunity to review and adjust their coverage during the Medicare Open Enrollment period. This window typically runs from October 15 through December 7.

During this time, individuals enrolled in Medicare can review their current plans and make changes if their healthcare needs, prescriptions, or coverage options have changed.

What Changes Can Be Made

During the open enrollment period, Medicare beneficiaries may have several options available to them. These can include switching Medicare Advantage plans, changing prescription drug plans, or moving between a Medicare Advantage plan and Original Medicare.

Because plan benefits and prescription coverage can change from year to year, reviewing coverage annually can help ensure that a plan continues to meet an individual’s healthcare needs.

Why Reviewing Coverage Matters

Healthcare needs and prescription medications often change over time. Even if a Medicare plan worked well in previous years, it may not always remain the best fit in the future.

Taking time to review available options during open enrollment can help individuals better understand the coverage available to them and potentially avoid unexpected healthcare costs.

At New Legacy Financial, we regularly speak with individuals and families about how healthcare costs and Medicare decisions fit into a broader retirement plan. If you would like to learn more about retirement planning topics such as Medicare, Social Security, and retirement income strategies, you can view our upcoming educational workshops or schedule a conversation with our team.