Improving lives through sound financial planning.
What You Need to Know About Medicare Open Enrollment

What You Need to Know About Medicare Open Enrollment

by Amy Pucci | October 11, 2022 | Financial Planning

Medicare’s annual Open Enrollment period runs from October 15th through December 7th each year.  

During this time, for those already enrolled in Medicare, you may:

  • Switch between Original Medicare and Medicare Advantage (also known as Medicare Part C). What’s the difference between these two coverage options? Find out more here!
  • Join a new prescription drug plan or Medicare Advantage Plan
  • Change your Supplemental/Medigap policy (for those with Original Medicare)

Any changes made will take effect on January 1st.

Where to begin:

  1. The Annual Notice of Change, typically sent late September, provides you with a summary of any changes in coverage or costs within your current plan that will take effect in the new year.  
  2. If you are not satisfied with your coverage for the upcoming year, you may review your options through the Medicare.Gov website.
  3. You should have received, in the mail or electronically, a 2023 Medicare & You handbook.  If not, you may review a copy here where you may review the parts of Medicare, options, coverages and costs. 

To Do, NOT To Do and Always Do:

Do :

  • Take time to review as outlined above.
  • Look at other plan options, even if you are satisfied with your current plan, to see if there are other options available that may better fit your needs and wallet. 
  • If you currently have Medicare Part D, review your current prescription coverage and costs.

Do NOT :

Always :

  • Review your coverage and plan options with a trusted insurance representative before making any changes.  
  • Call Tull Financial Group should you need assistance in finding a trusted insurance representative or have other questions about your Medicare options.