Medicare Open Enrollment (Oct 15 - Dec 7)
What to Consider When it Comes to Medicare Open Enrollment
Dustin A. Husarik, CFP®
Vice President – Financial Advisor
Magnan Family Wealth Management
As the Medicare Open Enrollment period approaches, it’s crucial to understand your options and prepare accordingly. Open Enrollment, which runs from October 15th to December 7th each year, is the time when you can make changes to your Medicare coverage. Whether you’re signing up for the first time or adjusting your existing plan, here’s what you need to know and do to ensure you make the best choices for your healthcare needs.
Understanding Medicare Basics
Medicare consists of several parts, each covering different aspects of healthcare:
- Medicare Part A (Hospital Insurance): Covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
- Medicare Part B (Medical Insurance): Covers certain doctors’ services, outpatient care, medical supplies, and preventative services.
- Medicare Part C (Medicare Advantage): An alternative to original Medicare (Parts A and B) that is offered by private insurance companies. These plans often include Part D Coverage and additional benefits such as vision, hearing, and dental care.
- Medicare Part D (Prescription Drug Coverage): Helps cover the cost of prescription drugs.
Key Considerations Before Enrolling
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Assess Your Healthcare Needs: Evaluate your current health status, existing medical conditions and the medications you take. This will help you determine which parts of Medicare you need and whether a Medicare Advantage or standalone Part D Plan might be beneficial.
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Check Your Current Coverage: If you already have coverage through an employer, union, or another source, find out how it works with Medicare. In some cases, you may not need all parts of Medicare right away.
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Compare Plans: Use the Medicare Plan Finder tool available on the Medicare website to compare the different plans available in your area. Look at the costs, coverage, and provider networks for each plan to determine which one best suits your needs.
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Review Your Prescription Drug Needs: If you require prescription medication, ensure that the Part D plan or Medicare Advantage plan you choose covers your drugs. Pay attention to the plan’s formulary, which is the list of covered medications and the associates costs.
Preparing to Enroll
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Gather Necessary Documents: Have your personal information and documentation ready. This includes your Social Security Card, a photo ID, and any other relevant documents such as insurance cards, medical records, and a list of your current medications.
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Understand Enrollment Periods: Besides the Open Enrollment period, be aware of other enrollment periods such as the Initial enrollment Period (IEP) when you first become eligible for Medicare, and the Special Enrollment Period (SEP) for certain circumstances like losing other health coverage.
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ontact Social Security: If you are signing up for Medicare for the first time and are not yet receiving Social Security benefits, you’ll need to contact Social Security to enroll. You can do this online, by phone, or by visiting your local Social Security office.
Final Steps
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Enroll Online or by Mail: Once you’ve decided on the right plan, you can enroll through Medicare website, by calling 1-800-MEDICARE, or by contacting the insurance company directly.
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Review Your Enrollment Confirmation: After enrolling, carefully review your enrollment confirmation and ensure all details are correct. If there are any discrepancies, contact Medicare or your plan provider immediately.
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Stay Informed: Medicare Plans and coverage rules can change annually. Make it a habit to review your coverage every year during the Open Enrollment Period to ensure it still meets your needs.
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Contact our team to schedule a call with our internal Medicare Resources through Wells Fargo Advisors.
Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Magnan Family Wealth Management is a separate entity from WFAFN.