Upcoming Medicare Enrollment Period: Are You Ready?
Prepare for Medicare's annual open enrollment from October 15 to December 7. Review and compare plans, understand new benefits, and ensure your healthcare needs are met for 2020. Utilize provided resources and expert help to select the best coverage options tailored for seniors.
The annual Medicare open enrollment window runs from October 15 to December 7, offering beneficiaries the chance to review and change their coverage for the upcoming year. During this period, you’ll receive numerous offers from private insurers to tailor your health and prescription plans to your needs.
Key Dates for Medicare Enrollment
Starting October 1, 2019, you can compare your existing coverage with available options for 2020. Between October 15 and December 7, 2019, you may decide to modify or keep your current Medicare plan for 2020.
Coverage updates take effect on January 1, 2020. If you’re enrolled in a Medicare Advantage plan, you can make changes from January 1 to March 31, 2020, such as switching plans or returning to original Medicare with a separate prescription plan. During this time, you can also enroll in or switch your Part D prescription drug plan.
Choosing the right coverage involves evaluating your health needs carefully. Comparing plans is the best way to manage costs, especially since new rules for prescription coverage and out-of-pocket expenses have been introduced. Additionally, Medicare Advantage premiums have decreased by 14% for 2020, and the plan finder tool has been redesigned to better assist seniors in selecting plans with new benefits and features.
Assess your healthcare priorities before exploring options. If you’re on traditional Medicare, review the latest "Medicare & You" handbook. Your needs might change annually, especially if you require costly medications or specialized care. Be cautious of perks that may seem attractive but do not address your health priorities.
Important considerations when choosing a plan include:
Prescription drug coverage (Plan D) for original Medicare enrollees is available only through private insurers.
Most Medicare Advantage plans include prescription coverage.
If your Advantage plan lacks drug coverage, you can purchase a standalone Part D plan.
Enrollment in Part D occurs during the initial open enrollment period, with late enrollments incurring penalties.
For assistance, you can consult the Medicare marketplace, work with agents, or access local organizations offering guidance to help you select the most suitable plan for your needs.
