Medicare enrollment started on October 15th, 2023
If you are covered by Medicare, it’s time to compare your current coverage with other available options. Medicare’s Open Enrollment period begins on October 15 and runs through December 7. Medicare plans can change every year, and you may want to switch to a health or prescription drug plan that better suits your needs or your budget.
During this period, you can make several changes to your Medicare coverage:
- Switch between Original Medicare and a Medicare Advantage Plan
- Change from one Medicare Advantage Plan to another
- Switch between Medicare Advantage Plans with or without prescription drug coverage
- Join a Medicare Part D drug plan, change Part D plans, or drop Part D coverage
Any changes made during Open Enrollment take effect on January 1, 2024.
Original Medicare includes Part A hospital insurance and Part B medical insurance. It is administered directly by the federal government. Premiums, deductibles, copays, and coinsurance amounts are standardized.
A Medicare Advantage Plan, also known as Part C, is an alternative to Original Medicare. These plans cover all services included under Original Medicare. Many also include prescription drug coverage and additional benefits. Medicare Advantage Plans are offered by private companies approved by Medicare. Costs vary by plan.
Medicare Part D plans help cover prescription drug costs. Like Medicare Advantage Plans, they are offered by private insurance companies.
Compare your options
Start by reviewing any materials your plan has sent you. Check the coverage, costs, and provider network. These details may have changed since last year.
You should also consider your current health needs. Your health may have changed. You may expect to need medical care or new prescription drugs. Some medications may also be more expensive.
If your current plan no longer meets your healthcare needs or budget, you can make changes. If you are satisfied with your coverage, you do not need to take any action. Your current plan will continue automatically.
If you are considering a Medicare Advantage Plan or a Medicare Part D drug plan, helpful tools are available. You can use the Medicare Plan Finder on the official Medicare website at medicare.gov.
The Plan Finder shows which plans are available in your area. It also displays each plan’s overall quality rating. For more personalized results, you can log in or create an account. This allows you to compare plans and review prescription drug costs.
Get help
Determining what coverage you have now and comparing it to other Medicare plans can be confusing and complicated, but help is available. Call 1-800-MEDICARE or visit the Medicare website to use the Plan Finder and other tools that can make comparing plans easier. You can also call your State Health Insurance Assistance Program (SHIP) for free, personalized counseling. Visit shiphelp.org to find the phone number and website address for your state.
IMPORTANT DISCLOSURES
Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual’s personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based on publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
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