Medicare Fall Enrollment EndsThe annual fall enrollment period for Medicare is coming to an end. Monday, December 7 is the deadline for enrolling or making changes in Medicare Plans.1 Assuming you are already enrolled in Medicare, letting the date pass will keep you in your current plan until the next enrollment period. This is your window for making additions or changes in relation to your Medicare Advantage Plan (sometimes called Part C) or your prescription drug plan (Part D).1 What Happens If You Miss the Deadline?If you miss the December 7 deadline, you won’t be stuck permanently. From January 1 to March 31, 2021, you can still switch plans. You can change to another Advantage Plan or switch to Original Medicare (Parts A & B) with a Part D prescription plan. This secondary window gives you flexibility to ensure your coverage aligns with your health and financial goals.1 For more details on planning your Medicare coverage, see our guides:
How to Make the Best Medicare DecisionTo make informed choices, evaluate your current plan carefully. Compare benefits, premiums, and prescription coverage. If you’d like to ask me questions about your Medicare changes in relation to your overall financial strategy, I welcome you to reach out. I may be able to provide some guidance or help identify some additional information. Frequently Asked QuestionsWhat is the Medicare fall enrollment period?The Medicare fall enrollment period, also called Medicare open enrollment, is the annual window when you can enroll in or make changes to your Medicare Advantage (Part C) or prescription drug plans (Part D). When does Medicare fall enrollment end?For 2021, the fall enrollment deadline was December 7. Missing this date means you generally stay in your current plan until the next enrollment period. What happens if I miss the fall enrollment deadline?If you miss the December deadline, you still have a secondary enrollment window from January 1 to March 31, where you can switch plans or move to Original Medicare with a Part D prescription plan. Can I change my Medicare Advantage plan after enrollment?Yes. During the secondary window (Jan 1 – Mar 31), you can change your Medicare Advantage plan or return to Original Medicare with a prescription drug plan. Outside these periods, changes are restricted. How do I choose the best Medicare plan?Evaluate your current plan’s benefits, premiums, and prescription coverage. Compare options carefully to ensure your coverage aligns with your healthcare needs and financial goals. What is the difference between Original Medicare and Medicare Advantage?
Can I enroll in a prescription drug plan (Part D) separately?Yes. If you choose Original Medicare, you can add a Part D prescription plan to cover medications. During fall enrollment, you can also switch or update your Part D plan. Why is it important to act before the Medicare enrollment deadline?Missing the deadline can leave you stuck in a plan that no longer meets your needs. Acting on time ensures you get coverage that fits your health requirements and budget. Where can I get help with Medicare enrollment decisions?You can consult a Medicare advisor, insurance broker, or financial planner. They can help review your options, compare plans, and guide you through deadlines. How often can I make changes to my Medicare plan?Generally, you can make changes once per year during:
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| 1. CNBC.com, November 30, 2020 |
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The information in this material comes from sources believed to be accurate. It does not provide tax or legal advice. Always consult a qualified legal or tax professional regarding your specific situation. FMG Suite produced this material to provide information on topics that may interest you. FMG Suite, LLC does not affiliate with the named representative, broker-dealer, or state- or SEC-registered investment advisory firm. The opinions expressed and the content provided serve general informational purposes only. They should not be considered a solicitation to buy or sell any security. |
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