With Medicare Open Enrollment coming up, you may be wondering how you can save money. This is a critical period for senior citizens to shop around and choose a plan that will meet their needs during the next year. But it can be a difficult task.
It’s for that reason that we have created a guide to Medicare Open Enrollment to help you choose the best plan to suit your needs.
What is Medicare Open Enrollment?
Starting October 15 and running through December 7, you can choose to swap or make changes to your plan. This can include swapping from original Medicare to a private Medicare Advantage plan. You may also switch from one Medicare Advantage plan to another and join a prescription drug plan.
It can be hard to determine which plan is appropriate for you. It’s even more difficult to understand the details of coverage and know what it means. There are hundreds of unique combinations of benefits in the world of Medicare. How do you choose?
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Understand Your Plan
If you are already participating in a Medicare plan, you will receive a letter in the mail detailing the “annual notice of change.” It will explain the changes that will occur in the new year, including changes to coverage, as well as costs such as deductibles, premiums, and copays.
It’s important to understand the changes that will take place and determine how this will affect you. You can begin by reviewing your medical expenses over the last six months, medications that you need, and doctors that you see regularly.
Once you have a better understanding of your current plan, you can begin comparing. The Medicare Plan Finder is a good online tool to help you compare. You can also use the State Health Insurance Assistance Programs, which offer local counseling for free.
It’s important to know that you can’t just repeat the current year’s coverage. Networks change, benefits change, and your health conditions can change as well. This is why it is so important to compare the options and choose the best one.
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Plan for the Future
Medicare is an essential part of retirement planning. Your financial advisor can help you manage your premium costs. Some premiums are based on your modified adjusted gross income from two years ago. This includes capital gains, Social Security, and required minimum distributions from individual retirement accounts and 401(k) plans.
So, during 2021 you will be paying premiums based on 2019’s income tax return. While you can’t modify your past income, you can plan for the future. Talk to your advisor and see what options there are to manage your income for this year and help curtail Medicare costs in the future.
Save Money with Medicare Open Enrollment
If you are ready to save money and plan for your retirement by taking advantage of Open Enrollment, a financial advisor is critical to your success. Our experienced professionals at Argent Bridge Advisors in McLean, VA, have the knowledge necessary to help you choose the best path to ensure you reach your financial goals. Contact our office online or call us today at (833) 568-4900 to get started!