October 15 – December 7 is the annual Medicare Open Enrollment Period.
During this time, you can review features of Medicare plans offered in your area and make changes to your Medicare coverage, which goes into effect on January 1st 2025. These changes include; 1) switching from traditional Medicare to a Medicare Advantage plan (or vice versa), 2) switching between Medicare Advantage plans, and 3) electing or switching between Medicare Part D prescription drug plans.
Part D prescription drug plans are offered through private insurance companies, not the federal government, and are essential to most seniors due to the high costs of prescriptions. During this same window of October 15 – December 7 anyone with a Part D prescription drug plan can switch to a new Part D plan if desired. In fact it’s recommended that you check your plan each year, as companies can make changes to their plans annually that can impact your out-of-pocket costs. So even if you’re happy with your prescription drug plan it makes sense to review your renewal to look for changes.
Other than this annual window, you can buy a Part D prescription drug plan when you first enroll for Medicare (age 65) and it is recommended that you do. If you don’t, the government can assign a slight penalty to you later on when you purchase a Part D plan unless you can show that you have been covered under an employer plan that provided prescription drug coverage equal to or better than what Part D plans provide.
So, if you or someone in your family is already enrolled in Medicare give them a reminder this open enrollment period and that it ends December 7!
Mark Bradley
BMA Financial - Insurance Services
501.499.4205
Comments