October 18, 2018, 2:53 PM

Medicare Open Enrollment

By Ryan Pope, CFP®

Fall is a time for change; change in weather, change in school, and change in Medicare.

The Open Enrollment period for Medicare runs from October 15 to December 7 and is the only opportunity to make changes to your Medicare coverage for the year (unless you experience a life event). Changes made during this period take effect January 1st.

During the Open Enrollment period, you may:

  • Change from Original Medicare (Part A) to a Medicare Advantage Plan (Part C)
  • Change from a Medicare Advantage Plan back to Original Medicare
  • Switch from one Medicare Advantage Plan to another Medicare Advantage Plan
  • Switch from a Medicare Advantage Plan that doesn’t offer drug coverage to a Medicare Advantage Plan that offers drug coverage
  • Switch from a Medicare Advantage Plan that offers drug coverage to a Medicare Advantage Plan that doesn’t offer drug coverage
  • Join a Medicare Prescription Drug Plan (Part D)
  • Switch from one Medicare Prescription Drug Plan to another Medicare Prescription Drug Plan
  • Drop your Medicare prescription drug coverage completely

 Upcoming Changes for 2019:

  • Medicare Part B standard premium increased from $134 (2018) to $135.50 (2019)
  • Increase in Part D drug plans available (total of 901 available plans)
  • Income Adjustment Amounts for Parts B and D
  • Broader coverage opportunities for Part C

If you have not reviewed your current plan, now is the time to do so. Switching can potentially save you hundreds of dollars if you have been stuck in a plan that may not address a change in medications or a change in your health.

 

 Modera Wealth Management., LLC (Modera) is an SEC registered investment adviser with places of business in Massachusetts, New Jersey, Georgia and Florida. SEC registration does not imply any level of skill or training. Modera may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements.

For information pertaining to Modera’s registration status, its fees and services and/or a copy of our Form ADV disclosure statement, please contact Modera or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov).  A full description of the firm’s business operations and service offerings is contained in our Disclosure Brochure which appears as Part 2A of Form ADV.  Please read the Disclosure Brochure carefully before you invest or send money.

This article contains content that is not suitable for everyone and is limited to the dissemination of general information pertaining to Modera’s financial planning, investing and wealth management services.  Nothing contained herein should be interpreted as legal, tax or accounting advice nor should it be construed as personalized financial planning, tax, investing or other advice.  For legal, tax and accounting-related matters, we recommend that you seek the advice of a qualified attorney or accountant.  This article is not a substitute for personalized financial planning from Modera, and there is no guarantee that the views and opinions herein will come to pass.

Share this article