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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.

How workers’ need for lifetime-guaranteed income may drive more Americans to consider annuities

The goal of a successful retirement is to have enough guaranteed income to cover basic living expenses and not have to worry about running out of money for the rest of your life. According to recent LIMRA research, workers today do not feel that their households will receive enough lifetime-guaranteed income to cover basic living expenses throughout retirement.

Even before the COVID-19 pandemic, unpaid caregivers struggled with the demands of work and saving for the future. The pandemic brought on additional work/life disruptions with stay-at-home orders, school closures, and reduced ability to outsource caregiving. The challenges also affect workers’ future retirement security since retirement income is often dependent on one’s ability to work and, through that work, accumulate savings.

A new Secure Retirement Institute^® (SRI^®) study, Staying the Course: Navigating Unpaid Caregiving Obstacles to Retirement Security, explored the impact of caregiving on workers’ retirement savings, as well as the actions and employer benefits that may help caregivers plan for a secure retirement.