The number of people enrolled in Medicare Advantage plans is continuing to grow, now reaching more than 26 million people. That means it is more important than ever that people know about how to manage the enrollment process effectively.
Open enrollment for Medicare can have huge effects on quality of life. Unfortunately, not everybody prepares for this time as much as they could. Legal matters can often be complicated, so fortune tends to favor those who are as educated as possible.
So how can you be prepared for open enrollment for Medicare? Read on to learn about a few of the most important things that you need to know about open enrollment!
When Is Open Enrollment for Medicare Insurance?
The open enrollment For Medicare insurance starts each year halfway through October. The start date is October 15.
How Long Is Open Enrollment for Medicare?
Each year, the open enrollment time for Medicare lasts until December 7th. That means that you have about 7 weeks up time for open enrollment.
If you do not take advantage of this time window for open enrollment, then you will have to wait for the general enrollment time instead. It starts on January 1st and lasts until the end of March 31st.
Other Things You Should Know About Medicare Insurance
Some people are surprised by what happens when they have finished the open enrollment process. They don’t realize that the changes that they make during open enrollment do not take effect immediately. Instead, they will not be reflected in your Medicare coverage until January 1st.
It is important not to make any updates to your budget or expenses before January 1st so as to avoid being surprised.
Different plans work better for different people. Depending on your situation, you might not want to use Medicare Advantage plans. You can also use original Medicare plans instead.
While you are working through the open enrollment process, it can be worth taking the time to ask about the differences between these two options. That way, you can decide which one will work better for you.
Medicare Advantage includes coverage for prescription medicines. But if you choose to use an original Medicare plan, then you will also need a Part D drug plan on top of that.
Be Prepared for Open Enrollment for Medicare
We hope that you were able to take away something helpful from this brief article on a few of the things that you need to know when it is time for open enrollment for Medicare. This time only lasts a few weeks out of the year, so it is important that you know what to do in advance. Making the right decisions during this key time is an investment that can pay off for months or years to come.
To learn more about how to manage open enrollment for Medicare and other important financial decisions, feel free to reach out and get in touch with us here at any time!