Column, Money Matters

Navigating Medicare’s annual enrollment

By Kevin Theissen

How long has it been since you’ve reviewed your Medicare policy? With open enrollment fast approaching, there are a few questions you may want to ask yourself before you renew, add, drop or switch coverage.

Medicare’s annual open enrollment period begins Oct. 15 and ends Dec. 7. During this time, current Medicare beneficiaries have the option to adjust their coverage for the coming year. Any changes to your plan will go into effect on Jan. 1, 2022.

Have you switched doctors, or is your doctor no longer accepting your current plan? Or maybe your prescription drug needs have changed, and your Medicare plan doesn’t cover everything you need. Maybe you’re paying too much for your coverage and need to make adjustments. This is an opportunity to reassess your current coverage and identify potential areas for improvement.

Before open enrollment begins, you’ll receive a report outlining your current coverage. Review your elections carefully, especially if you haven’t updated coverage in the last few years. Medicare offers a plan finder tool to help compare other offerings if you’re considering making a switch.

Your health insurance coverage in retirement should work to protect your financial wellbeing.

Reviewing your Medicare coverage is an important part of your financial and insurance strategy. If you have any questions or need help navigating this process, you may want to contact a qualified and experienced financial advisor.

Kevin Theissen is the owner of HWC Financial in Ludlow.

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