Believe it or not, it’s almost that time of year again! Soon your enrollment period for Individual & Family health insurance will open, depending upon which type of insurance you have, so now is the time to begin evaluating your options. But before we get into that, let’s review the two types of enrollment periods, with regard to health insurance.\r
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If you are a Medicare recipient…\r
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Your Annual Election Period will begin October 15 and run through December 7. During this time you can switch from Original Medicare to an Advantage plan, or vice versa. Or, you can change from one Advantage plan to another.\r
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This is also the time to evaluate whether you need Part D (prescription drug) coverage, and opt in or out of that. Opting out will lead to a penalty when enrolling later on.\r
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If your current coverage will be changing at all, you will receive a letter about those changes. Watch your mail for notices from Medicare or your Advantage plan administrator. Then, you can decide whether this plan continues to meet your needs, or if you need to make a switch.\r
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If you like your current plan, you don’t have to do anything. You will be automatically re-enrolled.\r
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If you have any other type of health insurance…\r
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Open Enrollment for Individuals & Families runs from November 1 through December 15. Take note of this end date. In the past, Open Enrollment periods have extended into January, but now you only have about a month and a half to make your decision.\r
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If you don’t want to make changes to your plan, you will be automatically re-enrolled in the same one. Keep in mind that premiums and various elements of your coverage can change from one year to the next, so do your research carefully (and open any mail you receive from your provider).\r
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If you miss the Open Enrollment deadline of December 15, you can’t enroll in a new plan or make changes to your current plan unless you experience a qualifying life event at some point next year. That’s why we’re reminding you of Open Enrollment now. Start evaluating your healthcare plan, and considering your future needs, right now. Then when November rolls around you will be ready to make a decision.\r
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Make sure to remind your family and friends of this year’s Open Enrollment dates, and tell them to call us if they have any questions. We appreciate and value your referrals.