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Medicare Open Enrollment: Making the Most of Your Annual Opportunity

Updated: Nov 8, 2023

It’s time to make the most of the annual Medicare open enrollment! Are you struggling to pay the out-of-pocket costs of your existing plan? Is your Medicare Advantage or prescription drug plan (Medicare Part D) no longer meeting your health needs?


Will your current healthcare provider no longer be in the plan’s network next year? Are there any other changes you need to make? The time to do so is during the annual Medicare open enrollment. Here’s how to take advantage of this annual opportunity.


Elderly Couple That Has Recently Enrolled in Medicare

What and When Is Medicare Open Enrollment?

Medicare open enrollment is a time to review your Medicare coverage and make the necessary adjustments. You may have enrolled in original Medicare plus a Medicare supplement plan or getting original Medicare benefits in a Medicare Advantage plan. You may also have an MA plan with plan D benefits.


Whatever your existing coverage is, you can review and make changes that suit your health and finances for the coming year. Medicare open enrollment happens every year from October 15 to December 7.


What Changes Can You Make During Medicare Open Enrollment?

You can:

  • Switch from original Medicare to Medicare Advantage and vice versa

  • Change from one Medicare Advantage plan to another

  • Choose a Medicare Advantage plan with prescription drug benefits

  • Change from a Part D plan to another prescription drug plan

  • Sign up for or drop a Part D plan


What Can You Not Do During Medicare Open Enrollment?

While you can switch to or from Original Medicare, you cannot enroll for the first time. If you are turning 65 and just getting started, you can sign up for Medicare during the Initial Enrollment Period. If you miss that, another opportunity is during the General Enrollment Period and during the Special Enrollment Period for special situations.


Tips for Making the Most of Medicare Open Enrollment

Review Your Coverage

“I’m happy with my current plan, so there’s no need to review it.” Wrong. Even if you are satisfied with your existing plan, the smart move is to do a review. The cost of your medication may have changed or may not even be covered by the plan next year.

There may also be changes in premiums, co-pays, deductibles, and other out-of-pocket costs. If your current plan won’t meet your needs, you’ll be able to make changes to improve coverage or save money.


Evaluate Your Healthcare Needs

“What has changed in my health in the past year?” “Have I started taking a new medication?” “Do I need new treatments in the coming year?” Knowing answers to questions such as these will enable you to switch to a plan that best suits your healthcare needs.


Get a Complete Picture

We understand that you want to pay as low as possible for the coverage that suits your health needs. But, going for a plan with the lowest premium may cost you more than one with a higher premium.


Beyond premiums, consider the plan’s deductible, copays, and coinsurance. Considering these costs will help you make a more informed decision on the most affordable plan that covers your needs.


Seek Help

It’s normal to get confused amid all the information, costs, and coverage options. So don’t be shy to get help. If you are in Lehigh Valley and other areas in Pennsylvania, you can reach out to Pennsylvania Medicare Education and Decision Insight (PA MEDI) for assistance. You can also contact a reliable independent Medicare broker like us.


Medicare scams abound, especially during enrollment periods like the Medicare open enrollment. Be careful not to fall into the hands of fraudsters.


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Get Guidance to Make the Most of Medicare Open Enrollment

Medicare open enrollment is an opportunity to consider your Medicare options and make the necessary adjustments. By taking advantage of this opportunity, you can ensure your coverage aligns with your needs and save more money.


Contact us today, and let’s guide you in making the decision that enables you to access quality healthcare at a price you can afford.


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