The first thing to know about Medicare’s Open Enrollment Period is the date – it runs from October 15 through December 7. The changes that you make to your Medicare during this time will take effect on January 1, 2023. 

What Changes Can You Make During Medicare’s Open Enrollment Period?

Some of these changes include adding, dropping, or making changes to your Medicare Advantage or Part D prescription drug coverage. Some additional changes include switching from Orignal Medicare to Medicare Advantage, or vice versa. Some states also offer the option to buy a Medigap policy during the Open Enrollment Period. 

Use Medicare Open Enrollment Period as a Time to Review Your Current Coverage

Before getting switching up your coverage, it’s important to look at what coverage you currently have and see if it’s supporting your lifestyle. A good thing to note in particular is the changes to the plan’s costs, the plan’s benefits and coverage rules, and the plan’s formulary. The formulary is the list of drugs that are covered in your plan. If you’re making any changes to your Medicare Plan, make sure your drugs are still going to be covered, and that your providers and pharmacies are still in the plan’s network.

How to Make Changes to Your Medicare Coverage

Services like MedicareInfo are here to help people understand these products and provide licensed insurance agents to assist in the decision-making process.

Have Additional Questions? Avoid Confusion, Know Your Medicare Plan Options

The number of Medicare Supplement, Medicare Advantage (Part C), and Medicare Part D Prescription Drug plans available in a given area can be overwhelming. The purpose of this website is to give you access to a licensed insurance agent who can help provide you with information to make good decisions.

If you are a Medicare recipient, you may know that October is the time to switch up your coverage during the Open Enrollment Period. With so much information available, we put together a checklist of three ways to be prepared for open enrollment.

Important Dates for Open Enrollment

This year, Medicare Open Enrollment runs from October 15 through December 7. Any changes you make will take effect starting January 1, 2023. If, however, no changes are made, your plan will remain as-is throughout the year.

In addition to Medicare Open Enrollment, there is also a Medicare Advantage Open Enrollment period, which is from January 1 to March 31, 2023. This is for those individuals who already have a Medicare Advantage Plan and are looking to make changes to their plan.

Have You Reviewed Your Plan Notices?

It’s important to pay close attention to your mail this time of year for this is when Medicare Advantage recipients receive their Annual Notification of Change (ANOC) pamphlets in the mail. This pamphlet shows if your current plan is expected to change. Some of these changes can be adding benefits or moving a prescription drug to a higher tier, which could make it more expensive.

Is This Your First Time Enrolling?

If you are enrolling in Medicare for the first time, your Initial Period (IEP) is the seven months surrounding the month you turn 65 years old. It’s around this period when you have the choice to enroll in Original Medicare or a Medicare Advantage plan.

Wondering if You Need Medicare Supplement Insurance?

Basic services are covered by Medicare Part A and Part B. There is a high hospital copayment with both plans. You should consider getting a Medicare Supplement plan if you are new to Medicare because the premiums are based on age and inflation will be at its lowest. Since you are also new to Medicare, insurance companies can’t deny you a policy or place conditions on it.

This coming year, if you are a Social Security recipient you can expect to receive an annual cost-of-living adjustment (COLA) of 8.7%. This increase will boost the retiree’s monthly payment by $146 in 2023, the biggest adjustment seen since the ’80s. This increase aims to help Social Security recipients combat the high inflation that has been plaguing the US since last year. 

While it is still too early to tell if this adjustment will be enough to keep up with inflation, it is certainly a good starting point.

In addition to this increase in cost-of-living payments, the Centers for Medicare and Medicaid Services announced last month that Medicare recipients will also benefit by seeing their Medicare Part B premiums decrease by 2023. This is the first time in over a decade that a decrease like this has happened.

While the annual increase is good news, the benefits have not kept up with the rising cost of living over the years. In March, for instance, a study released by The Senior Citizens League said that Social Security payments lost 40% of their buying power since 2000. Many Social Security recipients could not afford food, housing, and other necessities. 

The downside of such a large increase as this comes at a cost, one that might mean some people are pushed over the threshold to receive other benefits such as Medicare Extra Help, Medicaid, food stamps, and rental assistance. Some Social Security beneficiaries may also need to start paying taxes or owe higher levies on their Social security benefits if their income is over a certain amount.

The end of the year quickly approaches if you’re like many Americans in need of a Medicare plan, now is the perfect time to connect with one of Medicare Info’s licensed insurance agents.

Enter your ZIP code below, fill out a form and find Medicare options today!