Next month marks the beginning of Medicare Open Enrollment which runs from October 15 to December 7, 2022. During this window, you can review your Medicare coverage for the upcoming year, which begins January 2023. A comprehensive review of your current plan and coverage with Bill Stolow, Knox Grove Financials’ Medicare Specialist, often results in better coverage and cost savings.
- Important: If you are enrolled in a Part D Prescription Plan, it is particularly important to compare available Part D Drug Plans for the coming year. Each year cost, tier and pharmacy changes could drive your drug and premium costs up. Never assume you are enrolled in the best plan available to you.
Please note: If you are covered by an employer’s plan and did not enroll in Medicare when you were first eligible, you would not use this open enrollment period to sign up. You can sign up during the Medicare General Enrollment period from January 1 to March 31 or during a Special Enrollment Period (SEP) depending on when you are losing your employer coverage.
Let’s look at a few important questions you should ask your self during open enrollment:
What is new in 2022?
Plan availability, the cost of Medicare, and your medical situation can change each year. It’s important to review your options every year to make sure you’re getting the most coverage for your dollar.
What is my Out of Pocket (OOP) cost this coming year?
Comparing a Medicare Advantage Plan to Original Medicare with a Supplement and Drug Plan could yield savings. However, making changes to your Medicare Plan will likely require underwriting. Please consult with a Medicare Specialist before making any changes.
Is my current prescription drug plan adequate?
Have your medications changed? If there are gaps in your current prescription drug plan, you may want to switch your policy to a plan and/or company that covers the medications you need. Be sure you have a Medicare.gov account and upload your Prescription Drug List. You will then be able to review costs and plans and make an informed decision.
Some factors you will want to consider when making decisions include your personal health care needs, where you live, your financial situation, and the insurance your doctors accept. Two of the biggest mistakes people make are not enrolling on time, and not having enough coverage to meet their medical expenses. It’s crucial to discuss your options with someone who is well-versed in this field. As Knox Grove’s resident Medicare Specialist, Bill Stolow, is available to help you navigate the enrollment process or reevaluate your existing plan. Bill has helped many of our clients choose the coverage best suited to their situation while helping them avoid costly Medicare mistakes like missed deadlines or coverage gaps.
There is no extra cost to meet with Bill and review your Medicare options. Whether you’re making changes to your current plan or enrolling for the first time, don’t miss the opportunity to discuss your personal situation with someone who truly understands the role Medicare plays in your health and financial security. To set up an appointment with Bill, please call our office at 609-216-7440.