It’s fall—leaves are changing color; college football is underway and… it’s time to see if you want to carry your current Medicare plan into 2024. The annual Medicare Open Enrollment period runs from October 15-December 7.

 

During the Medicare Annual Enrollment Period, you can make changes to your Medicare Advantage and Part D prescription drug plans. Multiple changes and updates are allowed, including:

  • Dropping your Medicare Advantage plan and returning to Original Medicare
  • Getting a Medicare Supplement plan (Medigap) if you switch back to Original Medicare
  • Moving from Original Medicare only to a Medicare Advantage plan
  • Enrolling in a different Medicare Advantage plan
  • Choosing a new Medicare Part D prescription drug plan
  • Adding a Part D prescription drug plan if you don’t have one
  • Canceling your current Part D prescription drug plan

Note: If you don’t maintain some form of creditable prescription drug coverage and decide to re-enroll in Part D later, you’ll get hit with a late-enrollment penalty.

 

Having the opportunity to change your Medicare plan is extremely important. Part D plans and Medicare Advantage plans get to re-file their benefits with Medicare each year. That means the benefits and premiums on your plan can change or go up. And rather than being stuck with the plan you have and paying more for it, the Open Enrollment Period allows you to find the right coverage at the best price for you. You don’t have to change plans. If what you have is working, keep it. If there’s something better, move on.

 

How do you find out if there’s a better plan for you?

  • Use Medicare’s Plan Finder tool if you need help finding Medicare Advantage Plans, Medigap plans or Part D Prescription plans. The Plan Finder tool compares plans based on the drugs you need, the pharmacy you visit, and your drug costs.
  • If you want to join a Medicare Advantage Plan, call 1-800-MEDICARE to find out which plans are in your area. When you receive the list of plans, check the plans’ websites or call them to see which best fits your needs.
  • If you research a plan online, also call the plan itself to confirm what you have learned. Make sure the plan includes your doctors and hospitals in its network. Confirm that the plan covers all your drugs, and that your pharmacies are in the preferred network. Write down everything about your conversation, including the date, the representative you spoke to, and any outcomes or next steps. This information may help protect you in case a plan representative gives you misinformation.

 

The Medicare plan you have may be just right for you, but unless you check what’s available, you’ll never know. If you want to keep your plan, do nothing and it will carry into next year. Just remember, when it comes to Medicare, set-it-and-forget-it can be detrimental to your health.

 

 

Disclaimer

This information is presented for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy any investment products. None of the information herein constitutes an investment recommendation, investment advice, or an investment outlook. The opinions and conclusions contained in this report are those of the individual expressing those opinions. This information is non-tailored, non-specific information presented without regard for individual investment preferences or risk parameters. Some investments are not suitable for all investors, all investments entail risk and there can be no assurance that any investment strategy will be successful. This information is based on sources believed to be reliable and Alhambra is not responsible for errors, inaccuracies, or omissions of information. For more information contact Alhambra Investment Partners at 1-888-777-0970 or email us at [email protected].