8 Things To Know To Prepare You For Medicare Open Enrollment

Open enrollment dates

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Every year, Medicare’s open enrollment period is October 15 to December 7.

Few people take advantage of open enrollment

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While Part D plans can change the drugs they cover, and Medicare Advantage plans can change their provider networks as well as your costs

Limits on Medigap changes

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People who choose to keep traditional Medicare may also enroll in a supplemental medigap plan from a private insurer to cover costs like copays.

Medicare Advantage differences

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These plans have a monthly cost, in addition to the Part B premium, that varies depending on the plan

Medicare Advantage issues

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These plans have come under fire in recent years for their aggressive marketing tactics.

Medicare premiums

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At press time, the government had not yet announced premium amounts for traditional Medicare for 2024

Watch out for IRMAA

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Your income for IRMAA purposes is calculated based on income two years before the plan year.

Avoiding the surcharge

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You can appeal your IRMAA if your income is significantly lower now than two years ago due to a life-changing event

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