Welcome to Part 2 of our Medicare Series. In Part 1 we covered the parts of Medicare, when you qualify for it, and how you enroll. In this issue, we will cover why it’s important to review your plan each year, and what the cut-off dates are to make changes.
If you are currently enrolled in Medicare, you should review your plan yearly.
Why? Your healthcare needs may have changed over the past year and you may now require or benefit from different or expanded coverage. There is one open enrollment period per year when Medicare plans may be changed. If you miss this window of opportunity you will be stuck with your former plan, so it is essential that you start exploring your options now.
Q: When can I start looking at new Medicare options for 2025?
A: Starting on October 1, 2024, you can visit Medicare.gov/plan-compare to see your various options. Start early, as comparing can be time consuming.
Q: When may I make changes to my Medicare health or drug coverage?
A: Your window for changes opens on October 15 and closes on December 7, 2024. During this time you can join, switch, or drop a Medicare Advantage plan or Medicare drug plan, or switch to Original Medicare. If you have made a change, your new coverage will begin on January 1, 2025.
Q: I picked a Medicare Advantage plan and enrolled in late 2024 and now it is February 2025 and the plan isn’t working for me. Is there anything I can do?
A: Made a mistake in choosing a Medicare Advantage plan? You get one chance to make a change. From January 1 to March 31, 2025, you can switch to a different Medicare Advantage plan, or switch to Original Medicare (and get a Medicare drug plan). But remember, you can only do this once, so choose wisely.
Stay tuned for Part 3, where we look at the differences between Original Medicare and Medicare Advantage, and question if there really IS an advantage.
If we can be of assistance to you, please reach out. We are only a phone call or e-mail away.
The information provided in this email does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available here are for general informational purposes only.
