Making sense of the open enrollment period for Medicare

There is so much information out there about Medicare that it can be overwhelming. But there is hope! With the Annual Enrollment Period (AEP) that started Oct. 15 and runs to Dec. 7, seniors will want to evaluate their coverage now for the upcoming year.

Here are four tips that those with Medicare will need to keep in mind as the annual enrollment period is upon them:

Everyone with a Medicare Advantage Plan (Plan C) or a standalone prescription drug plan (Part D) should have received an Annual Notice of Change sometimes abbreviated as ANOC. It might have been received in September.

The ANOC should have explained any plan changes that will take effect in the year to come. It is important that plan holders review this and any information that has already been sent by their insurer. Many times they change drug coverage and even benefits, so the insured might need to look for coverage that includes their needs.

New information for the plan year of 2024 was released in early October so now is the time to review and act on it. If someone is unsure of what they need to do, they should get help evaluating their options.

This then brings us to point three. As stated earlier, open enrollment started Oct. 15 and runs to Dec. 7. During this time unlimited plan changes can be made by visiting the official Medicare website: medicare.gov. Changes will take effect on Jan. 1, 2024. However, if someone qualifies for another enrollment because they’ve experienced a qualifying life event, they may be able to start their new coverage sooner than January 1.

Finally, do not wait any longer to shop around for Medicare supplemental coverage otherwise known as Medigap. These plans are not subject to the same enrollment as Medicare Advantage plans or standalone prescription drug plans. That means anyone can shop around for a Medicare supplement plan at any time during the year.

To those receiving Social Security benefits, earned through participation in the workforce, the term “entitlement” is often viewed as an insult these days, because it is equated to something along the lines of a government handout available to anyone simply because they exist. In popular rhetoric, “entitled” often conjures up images of someone receiving a benefit as a birthright.

However, because of the nature of the term in today’s cultural conversation, it causes many to view its use as judgmental, often prompting the popular refrain, “It’s not an entitlement, I earned it!” For this reason alone, this Senior Side feature wants to highlight the fact that everyone receiving Medicare coverage has in fact “earned” this benefit and needs to know how to best use it.