Medicare’s annual open enrollment period begins October 15 and ends December 7. During this time, current Medicare beneficiaries have the option to adjust their coverage for the coming year. 1
This is an opportunity to reassess your current coverage and identify potential areas for improvement. Maybe you’ve recently changed medication, find yourself underutilizing coverage, or are in need of additional benefits.
Before open enrollment begins, you’ll receive a report outlining your current coverage. Review your elections carefully, especially if you haven’t updated coverage in the last few years. Medicare offers a Plan Finder tool to help compare other offerings if you’re considering making a switch.
How long has it been since you’ve reviewed your Medicare policy? There are a few questions you may want to ask yourself before you renew, add, drop, or switch coverage.
Have you switched doctors, or is your doctor no longer accepting your current plan? Or maybe your prescription drug needs have changed, and your Medicare plan doesn’t cover everything you need. Maybe you’re paying too much for your coverage and need to make adjustments.
If you’ve reviewed your Medicare plan and realized you don’t quite have the coverage that you want, you can make changes during the fall open enrollment period. From October 15-December 7, 2021, you can add, drop, or switch Medicare plans. Any changes will be effective on January 1, 2022, as long as any changes are submitted by the deadline.2
Your health insurance coverage in retirement should work to protect your financial wellbeing, therefore, reviewing your Medicare coverage is an important part of your financial and insurance strategy.
If you have any questions, please reach out!
1. Centers for Medicare & Medicaid Services, February 2, 2020
2. Medicare.gov, 2021
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Ready for Medicare Open Enrollment?
October 18, 2021