Skip to content

    It's about that time! Medicare Open Enrollment reminders

    September 07, 2023

    Allworth Co-CEO Scott Hanson shares a few key refreshers about the Medicare Open Enrollment period that’s coming up in October.

     

    Winter, spring, summer, and… Medicare Open Enrollment.

    Don’t you just love the four seasons?

    Each fall, Medicare Open Enrollment arrives to shorten the days and turn the leaves orange while simultaneously offering you the opportunity to dial in your Medicare coverage.

    And while October 15th through December 7th is not the only time of the year when you can update your Medicare coverage, this seasonal window offers you the most flexibility to make changes to your plan.

    Quick reminder: The open enrollment period is not a catch-all for signing up for Medicare. (I’ll get to that in a moment.) The October 15th through December 7th period is for current Medicare participants who want to update or alter their existing plan.

    *Please note, that the changes you make during this open enrollment period will go into effect January 1st, 2024.

    What types of changes can you make during the Medicare Open Enrollment period?

    • Change from Original Medicare to a Medicare Advantage plan
    • Change to a Medicare Advantage plan that has or does not have drug coverage
    • Change your Medicare Part D drug plan
    • Change to a new private insurer

    Remember, while complex, open enrollment is an important part of making sure you have the best possible health coverage for 2024.

    What are the questions you should ask yourself so you can benefit from open enrollment?

    • What is new for 2024?

    Both the specifics and the costs of the plans change every year. If you are already enrolled in Medicare, whether you speak with an advisor, or you have the bandwidth to conduct the research yourself, you need to familiarize yourself with the various costs and coverages and then make the best choice for you.

    • What are your upcoming medical needs?

    When it comes to making changes to your coverage, the most important thing to consider is whether there have been any changes to your medical situation. Having the best plan in place can save you money and time. Also, ask yourself if you anticipate any substantial changes to your health needs in 2024. For example, if you expect to have a knee or hip replacement next year, then it is possible in the long-run that a higher-cost Advantage plan could save you money.

    • Will you be traveling more next year?

    Original Medicare coverage does not extend overseas, so if you are planning to travel more, or for longer periods in 2024, you might want to buy a supplemental insurance plan for medical emergencies, or those costs (and they can be staggering) will come out of your pocket.

    As a refresher, when can you first sign up for Medicare?

    While open enrollment is not designed as a sign-up period for Medicare (unless you happen to turn 65 in the fall), if this is your first time signing up for Medicare, here are the milestones to remember:

    • Initial enrollment is available to you over a seven-month period around your 65th birthday
      • This period runs three months before the month you turn 65 until three months after
    • Medicare general enrollment lasts from January 1st until March 31st of each year
      • If you missed your initial enrollment period (above) you will have to pay a fee
    • A Medicare special enrollment period exists for people who were still covered by employers at age 65
    • If you fail to sign up on time, you might be able to avoid a late penalty if you still had health insurance from work
    • Medicare Supplement open enrollment opens when you reach age 65
      • Also called Medigap, if you miss the enrollment period, you could:
        • See your premiums increase
        • Have a pre-existing condition that will be denied coverage

     

    If you spend time researching Medicare, and I think everyone should, and yet you still come away from the experience scratching your head, you are not alone.

    Unfortunately, what should be an uncomplicated process is anything but, and mistakes or delays can cost you, big time.

    Do not leave anything to chance. Allworth advisors are adept at financial planning and behavioral financial guidance, and we can help you review your options and assist you with decisions regarding Medicare and Social Security.

    Think of it this way: A small investment of time right now could save you thousands of dollars and a lot of stress down the road.

     

    1 When Is Medicare Open Enrollment for 2023? - ValuePenguin
    © 1993-2024, Allworth Financial. All rights reserved.

      Privacy Policy   |    Disclosures   |    Cookie Preferences   |    Do Not Sell or Share My Personal Information

       

      Advisory services offered through Allworth Financial, a Registered Investment Advisor | Disclosures | Privacy Policy

      Securities offered through AW Securities, a Registered Broker/Dealer, member FINRA/SIPC. Check the background of this firm on FINRA's BrokerCheck.

      HMRN Insurance Agency, LLC license #0D34087

      1Barron’s 2024 Top 100 RIA Firms. Barron's© magazine is a trademark of Dow Jones L.P. The ranking of independent advisory companies is based on assets managed by the firms, growth, technology spending, succession planning, and other metrics.

       2 Retention Rate Source: Allworth Internal Data, FY 2022

      3 The NBRI Circle of Excellence Award is bestowed upon NBRI clients meeting one or both of the following criteria: Total Company score at or above the 75th percentile of the NBRI ClearPath Benchmarking Database and/or improvement of five (5) or more benchmarking percentiles in Total Company score over the previous survey. 

      4 As of 7/1/2024, Allworth Financial, an SEC registered investment adviser and AW Securities, a registered broker/dealer have approximately $22.5 billion in total assets under management and administration. 

      5 InvestmentNews 2020 and 2021 Best Places to Work for Financial Advisers. The ranking reflects survey responses and scores completed by both employers and employees. Employers report their organization’s workplace policies, practices, and demographics. Employees complete a survey designed to measure the employee experience. 

      6  2021 Value of an Advisor Study / Russel Investments

      7 Ranked 9th Top Wealth Managers By Growth in Assets in the U.S. from RIA Channel, 2022. RIA Database and RIA Channel are registered trademarks owned by Labworks, LLC.

      8 USA Today Best Financial Advisory Firms 2024. The ranking is based on the growth of the companies’ assets under management (AUM) over the short and long term and the number of recommendations they received from clients and peers.

      9 NBRI Best in Class Ethics 2023. The Best in Class level is bestowed upon clients performing at or above 90 percentile of the NBRI ClearPath Benchmarking Database.

      ✢ Scott Hanson, Investment Advisor 2005, 25 most influential people in the financial services industry. The ranking reflects 25 people who Investment Advisor magazine believes have had or will have the greatest influence on the financial services industry.

      ✼Pat McClain, InvestmentNews 2014, Invest in Others Community Service Award, presented to an advisor who has made an outstanding impact on a community through managerial contributions to a non-profit organization.

      †Financial Times, FT 300 Top Registered Investment Advisers, June 2019. The ranking reflects six areas of consideration including the company's years in existence, industry certifications of key employees, AUM, asset growth, SEC compliance record and online accessibility and calculates a numeric score for each company. 

      Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

      Important Information

      The information presented is for educational purposes only and is not intended to be a comprehensive analysis of the topics discussed. It should not be interpreted as personalized investment advice or relied upon as such.

      Allworth Financial, LP (“Allworth”) makes no representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of the information presented. While efforts are made to ensure the information’s accuracy, it is subject to change without notice. Allworth conducts a reasonable inquiry to determine that information provided by third party sources is reasonable, but cannot guarantee its accuracy or completeness. Opinions expressed are also subject to change without notice and should not be construed as investment advice.

      The information is not intended to convey any implicit or explicit guarantee or sense of assurance that, if followed, any investment strategies referenced will produce a positive or desired outcome. All investments involve risk, including the potential loss of principal. There can be no assurance that any investment strategy or decision will achieve its intended objectives or result in a positive return. It is important to carefully consider your investment goals, risk tolerance, and seek professional advice before making any investment decisions.