Medicare open enrollment is the annual period during which our clients eligible for Medicare can make changes or update their Medicare health and prescription drug plans. This period runs every year from October 15 to December 7, and any chosen changes will then take effect the following January 1. During this open enrollment period, clients can switch from Original Medicare (Part A and Part B) to a Medicare Advantage Plan (Part C) or vice versa. They can also change from one Medicare Advantage Plan to another, enroll in a switch, or drop a prescription drug plan (Medicare Part D). This period allows beneficiaries to ensure their current plans meet their needs, especially if their coverage, cost, or provider networks have changed. Reviewing and updating these coverages can help clients save money and ensure their healthcare needs will be covered for the following year. Choosing Original Medicare or a Medicare Advantage Plan depends on one’s healthcare needs, finances, and personal preference. In this article, I will present key points to be considered when making this decision.
Rick Hedderick, MBA, CFP
Rick Hedderick, MBA, CFP, is an Associate Teaching Professor of Finance and the Certificate in Financial Planning Program Director at Penn State Behrend, Sam and Irene Black School of Business. He can be reached at rph132@psu.edu.
Recent posts by Rick Hedderick, MBA, CFP
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Choosing Medicare Coverage
By Rick Hedderick, MBA, CFP on Nov 4, 2024 6:00:00 AM