Brace Yourselves! Medicare Open Enrollment Is Here...

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[BLOG ABSTRACT]

Each year, Medicare beneficiaries have a short window of time to select new coverage. This year Open Enrollment Season starts on October 15, and closes on December 7.

Given the incredible complexity of the Medicare rules, known to humble almost every senior, it is tempting to merely renew one’s existing plan during the Open Season.

However, that might be a big mistake:

• The plan you now have may change its terms and no longer cover your needs
• Other plans may change and offer better or cheaper coverage
• Your health may have changed, making other policies more attractive

There are two components of your Medicare coverage to review. One is whether to keep or switch to Medicare Managed Care, known as Medicare Advantage, and the other is whether to change your prescription drug policy. The other components of Medicare coverage, Parts A and B, which cover hospitalizations and physician and outpatient services, respectively, do not change without Congressional action and need not be reviewed. For a great overview of Medicare, you can look at the Kaiser Family Foundation website.

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