When is Medicare Open Enrollment 2024?
Each year, when Medicare Open Enrollment comes around, it is the time to double-check your Medicare and prescription drug plan coverage for the following year. For 2024, Medicare Enrollment is from October 15th to December 7, 2023. As the Medicare Open Enrollment is each year at the same time, the next time you will be able to make changes to your Medicare coverage is the following year.
If you want to enroll in or make changes to your Medicare at a different time, you can do so, but there are limitations. For details, check out our post about Medicare Enrollment Important Dates.
Even if your current Medicare plan and its benefits are working for you, it is a good idea to check your plan every year. The only way to save on your health care costs is to regularly compare your current plan to other plans available to you, either offered by your current provider or by other health insurance companies.
The first step is to re-assess your health care needs. Take a look at your current drug prescriptions and how often you currently see your health care providers. Make a list with your current medical needs and all that has changed since you last enrolled in your Medicare plan.
Did you get any notices from your plan provider about changes to your plan? Even when you like to keep your current coverage, it may be time to make a change to your plan, because a similar plan may offer you even more benefits or lower costs. As the competition in the Medicare insurance sector among private insurers is heavy, plan benefits and premiums are constantly changing, which benefits the consumers.
So compare your list to other available plans in your area by thoroughly checking all benefits and costs. When you compare costs of different supplemental or advantage plans, make sure to not only compare the monthly premiums, but consider your total out-of-pocket expenses – including all deductibles, co-payments and coinsurance! You can start your research at the Medicare.gov website, or by contacting a licensed insurance broker who specializes in Medicare.
If you decide to consult a Medicare insurance specialist, best is to look for one who is independent of a specific health insurance company, so he or she can offer you the whole spectrum of available solutions. Independent consultants may also be more motivated to find a plan that works best for you, while an agent who is working for a particular provider may be pushing you in one of the two or three plans that he or she has for sale.
While it’s usually a good idea to ask friends and family for their recommendations, remember that medical needs are very individual and a policy that is perfect for your friend or a relative may not fit your health care needs.
To make the right decision, it is also necessary that you know the differences between Medicare advantage plans and Medicare supplemental insurance. There is no ‘one-size-fits-all’. For some, for example those who don’t see the doctor so often or travel a lot, Medicare advantage plans may work better for you, while for others, especially seniors in rural areas with a limited amount of health care providers, a Medigap plan with a wider choice of doctors might be better – even though it may cost a little more. Just remember that you can’t have both types of additional insurance at the same time.
You can really save money on your health care by evaluating all currently available plans and comparing them to your current medical needs. The variety of alternatives to original Medicare makes the choice complex, but if you want to find the best option for your individual needs for the coming year, don’t hesitate to compare plan benefits and quotes during the 2023/2024 Medicare Open Enrollment period.
