Medicare Open Enrollment Has Started — Here’s What You Need To Know

Okay, there are probably much more entertaining things to do than review your Medicare coverage — but it is that time of year. Open enrollment start4ed October 15th and will be running through December 7th and right now is the time you can make changes to your coverage and have it take effect on January 1st, 2022. If you have coverage already and don’t need to change anything at all, you’re good to go — your coverage is set to continue into 2022.

However, it’s worth it to check to see if your current plan is still your best option, and we’re here to help you figure that out!

This annual enrollment period is for adding or changing coverage related to an Advantage Plan and/or prescription drugs (Part D). You’re able to switch, add, or drop those parts of coverage. However, a majority of beneficiaries don’t even compare plans — and that’s where we come in! Even if you’re happy with your plan, we can help you make sure your plan is giving you the right coverage or help you find a plan with better value or coverage that will fit your exact needs.

Here’s what you need to know:

Who should pay attention? Fall enrollment is different from the initial Medicare Enrollment window, which starts three months before the month of your 65th birthday and ends three months after it.This is usually where you would sign up for Part A, Part B, an Advantage Plan, or a Part D prescription drug plan. Most stick with Original Medicare (Parts A & B) and often pair it with a standalone Part D plan. Some also get a Medicare supplemental plan (Medicgap_ which is offered by private insurers.

The Nitty Gritty

The average monthly premium for Advantage plans will be $19 next year, which is down from $21.22 in 2021. The average 2022 monthly premium for Part D coverage will be #33, up from 31.47 this year. Part B monthly premiums — as well as other costs for 2022 have not been finalized as yet, however the standard Part B premium is expected to rise from $158.50 from 148.50 this year, according to the latest Medicare trustees report.

What to look out for

It’s important not just to focus on the monthly premium amount, but the speicifs. Although Advantage plans are federally regulated, the specifics can vary from plan to plan, county to country, and year to year. Some plans may offer dental, vision, or hearing or come with no premium (you would still pay Part B premium.

If your Advantage Plan isn’t working for you and you want to drop it altogether instead of switching another, we can help you do that. We’re your number one Medicare agency in Coral Springs and Parkland — questions? Give us a call! Our agents are ready and waiting to help!

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