Getting the Most Out of Medicare’s 2024 Open Enrollment
Open Enrollment for Medicare Advantage and Part D drug plans begins October 15 and runs through December 7. During these 53 days, seniors are given an opportunity to reassess their coverage, and find and sign-up for better options for the coming year.
Toby Stark, an agent with Stark Associates Insurance Agency, Tinton Falls, NJ, says, “Even if you are happy with your current Medicare plan, it generally pays to review your plan during Open Enrollment. Getting better Medicare plan coverage and possibly lowering costs are the primary reasons to take advantage of the yearly reassessment opportunity. If you miss an Open Enrollment deadline, you’ll most likely have to wait a full year before you can make changes to your plan.”
“Maybe you started taking a new prescription medication or your Medicare plan’s coverage for 2025 will change,” says Jesse Slome, director of the American Association for Medicare Supplement Insurance, a national industry organization. “Act early because local Medicare insurance professionals are busiest during this time of the year.”
The two important things every Medicare beneficiary can do during Open Enrollment are:
1.Review Your Plan Notice. Be sure to read any notices you receive from your Medicare plan about changes for next year. Review for any changes that could impact drugs you take or the doctors and specialists you prefer.
2.Review 2024 and Think Ahead for 2025 Needs. Consider any health changes that happened in 2024. Think ahead about health conditions that might need addressing in the year ahead. Will another Medicare plan offer better options? You may be able to get better coverage or reduce costs by choosing another plan.
“Medicare’s Annual Enrollment only lasts 53 days, a vital time to review and make decisions that last a full year,” says Stark. For more information contact Toby Stark, Stark Associates Insurance Agency, toby@stark-associates.com or call 732-747-0411 or 1-800-430-1322.