Medicare Open Enrollment 2020

Medicare Open Enrollment 2020

Open Enrollment for Medicare recently kicked off on October 15th and remains ongoing until December 7th. It is an important time to review your current Part D prescription drug coverage. If you’re enrolled in a Medicare Advantage plan (also known as “Part C”), you can review your plan options as well. The Open Enrollment window does not apply to Part B supplement insurance plans (aka “Medigap”).

Health and drug plans change every year so it’s critical to make sure your current coverage continues to meet your healthcare needs. It’s recommended that you review the materials provided by your health plan each year.

The two notifications to look out for are the “Evidence of Coverage” (EOC) and “Annual Notice of Change” (ANOC). When plans make changes to costs and coverage, these notices should outline those changes and help you determine whether your current coverage is still adequate.

Here are some helpful links to help you review during Open Enrollment:

Get started with Medicare

Medicare costs at a glance

Shop for drug plans (Part D) and Medicare Advantage Plans – 2020

Healthcare tends to be one of the larger expenses that retirees face. Medicare provides a wide range of options, but they vary in complexity and cost. We always recommend our clients be vigilant in reviewing their existing policies to ensure they are still receiving the coverage they need, at manageable costs.

If we can assist in answering your questions or connecting you with a qualified Medicare insurance specialist, please don’t hesitate to contact us.

Will Goodson

Will Goodson

Will focuses most of his time on the Financial Synergies Pathway program, but he also supports the advisory team by creating 401(k) allocations, designing financial plans, and determining the best strategies for clients when taking Social Security. Will is a University of Texas graduate and CERTIFIED FINANCIAL PLANNER™ professional.

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