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A Medicare Enrollment Breakdown

Posted September 29, 2023

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Medicare open enrollment is an important time of year for millions of Americans who rely on this government health insurance program. It’s a period when beneficiaries can make changes to their coverage, ensuring that their healthcare needs are adequately met for the coming year. To make the most of this opportunity, it’s crucial to be informed about the process and options available.

If Medicare is new to you this year or you want to get more familiar with this health insurance program, check out these five key things you should know about Medicare open enrollment.

  1. Dates Matter: Mark Your Calendar

Medicare open enrollment typically runs from October 15th to December 7th each year. These dates are critical because they represent the limited window during which you can change your Medicare coverage. Missing this period may result in having to wait until the next open enrollment period or experiencing gaps in coverage. Mark your calendar and be prepared to act during this time frame.

If you have questions about Medicare open enrollment and how it might affect your financial plans, contact the Thayer Financial team before December 7th!

  1. Review Your Current Coverage

Before making any decisions, reviewing your current Medicare coverage thoroughly is essential. Take stock of your healthcare needs, including prescription medications, doctor visits, and specialized care. This evaluation will help you determine whether your current plan is still a good fit or if changes are necessary.

  1. Understand the Different Parts of Medicare

Medicare consists of different parts, each covering specific aspects of healthcare:

Understanding how these parts work together and which parts you have is crucial. Depending on your needs, you may need to consider a Medicare Advantage plan (Part C) or a stand-alone prescription drug plan (Part D) and a Medi-Gap policy to complement your Original Medicare (Parts A and B). It’s confusing, and we always recommend that you consult with a professional before making an election.

  1. Explore Your Options

During open enrollment, you have several options:

To make informed choices, research and compare available plans. Consider factors such as premiums, deductibles, copayments, and which healthcare providers and pharmacies are in-network. Medicare’s online Plan Finder tool can be a valuable resource.

  1. Seek Professional Guidance

Medicare can be a complex program with numerous options and variables to consider. It’s highly advisable to seek professional guidance during open enrollment. Medicare counselors, insurance brokers, and certified agents can provide personalized assistance and help you navigate the complexities of the program. They can also ensure you make choices that align with your healthcare needs and budget.

Take Action Now

Medicare open enrollment is an essential annual event that allows beneficiaries to adjust their healthcare coverage. It’s crucial to be well-informed about the process and the various options available to make the most of this opportunity.

Remember to mark your calendar, review your current coverage, understand the different parts of Medicare, explore your options, and seek professional guidance if needed. Doing so can ensure that your Medicare coverage aligns with your healthcare needs for the coming year, providing you with peace of mind and access to the care you require.

If you have questions about Medicare open enrollment and ensuring your current plan is the best financial decision, contact the team at Thayer Financial today.

Thayer Financial, L.L.C. (“Thayer Financial”) is a registered investment adviser offering advisory services in the States of North Carolina, Tennessee, Texas and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. This website’s presence on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by Thayer Financial in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or according to an applicable state exemption.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of Thayer Financial, L.L.C., unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to other parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.

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