The annual Medicare Open Enrollment period starts this week on October 15th, 2020 and runs until December 7th, 2020. During this period, individuals already enrolled in Medicare Part A & B (see below to understand the different parts of Medicare), either via original Medicare or a Medicare Advantage plan, can:

• Switch from original Medicare (Part A & B, and potentially Part D) to a Medicare Advantage plan
• Switch from a Medicare Advantage plan to original Medicare (plus a Medicare Part D plan)
• Switch between Medicare Advantage plans
• Enroll in or switch between Medicare Part D plans
• Terminate your Part D plan (if you have other coverage, such as Medicare Advantage)

If your personal situation has changed then you should review your coverage under your existing Medicare plan and, if necessary, switch plans before December 7th. It’s also recommended you compare available Part D and/or Medicare Advantage plans each year, as the benefits and costs vary widely between plans and can change each year.

Medicare offers a plan finder tool to help you compare plans. A Medicare specialist in your area can also help you find a plan that fits your healthcare needs.

Note that individuals who did not enroll in Medicare Part A & B when first eligible (i.e., at age 65 during their 7-month Initial Enrollment Period or during a Special Enrollment period, if eligible) must wait until the Medicare General Enrollment period (January 1st, 2021 to March 31st, 2021) to enroll late. Enrolling late in Part B and/or Part D may result in a late enrollment penalty.

Medicare Part A provides inpatient hospital insurance, Part B provides outpatient medical insurance, and Part D provides prescription drug coverage. All Medicare Advantage plans incorporate Part A & B benefits. Most also include prescription drug coverage and may provide additional benefits such as vision and dental.

Consult with an attorney or a tax or financial advisor regarding your specific legal, tax, estate planning, or financial situation. The information in this article is not intended as legal or tax advice.