Medicare Open Enrollment Guide 2023

Open enrollment 2023 is happening soon for Medicare. From October 15 to December 7 each year, Medicare recipients can make changes to their coverage. Medicare health insurance options can be tricky to navigate. Check out some of the most common questions people have to feel more informed during open enrollment for Medicare health insurance.

How Does Open Enrollment Work for Medicare?

There are different reasons why you may want to change your Medicare plan, such as aiming to save money, finding a better matching plan for your healthcare needs, getting more robust coverage, or taking advantage of new features or better benefits with some plans. During open enrollment, you can switch from Medicare Advantage to a traditional plan or vice versa. You can also make changes to your prescription coverage for Medicare.

Medicare recipients who are happy with their coverage should still take advantage of the Medicare open enrollment period and check out different options. If you don’t make any changes to your current coverage, the plan you already have will continue to provide coverage for you next year.

If you make changes to your plan, the new coverage will go into effect after the new year on January 1, 2024. Medicare recipients and their families can research various coverage options by going to the Medicare website’s coverage overview for open enrollment or by calling 1-800-MEDICARE. You can also find out more information by reaching out to your local State Health Insurance Program (SHIP) for your state of residence.

What Do I Need To Know About Medicare?

You can qualify for Medicare coverage once you reach 65 years old or if you have a disability. Unfortunately, if your spouse is 65 and you are younger, you may still not qualify for coverage. Individuals who are younger than 65 can choose a health insurance Marketplace plan as an alternative or may qualify for Medicaid if their income is lower than 138% of the federal poverty level.

Once you’re eligible for Medicare coverage, you have to decide which plan you want to go with. Traditional Medicare may include Medicare Part A, Medicare Part B or both. These plans include medical coverage and hospital insurance coverage. Another option for Medicare is Medicare Part C, which is a private insurance plan that includes a premium. This is also known as Medicare Advantage.

Medicare recipients can also choose a prescription plan coverage called Medicare Part D. When you first turn 65, you have a limited window to choose your initial Medicare plan. Enrollment starts three months before you turn 65 and ends three months after you turn 65. Then, during open enrollment periods each year, you can change your coverage plan.

How Do I Change My Medicare Plan?

The first step in changing your coverage for your Medicare plan is to do your research. Review the different options for your situation on the comparison website to see what works best for you. Consider your age, your health conditions, your providers and your income level to see which plan fits your lifestyle.

Using the compare tool through the Medicare website, you can estimate co-pay costs, deductibles, premiums and other fees associated with your Medicare plan or your prescription coverage. You can also learn about any extra benefits you may get with private insurance options through Medicare Advantage.

Once you have decided which changes you want to make, log into your account and make your elections for the new year. After you submit your preferences and confirm any plan changes, your new coverage will begin starting January 1, 2024. Additionally, when open enrollment happens again next year, you can make changes once again with your health insurance broker.

What About Other Situations Outside of Open Enrollment?

Generally, the only time to change your plan is through open enrollment. However, sometimes emergencies happen. People impacted by natural disasters, such as wildfires, hurricanes or other emergencies declared a disaster by the Federal, State or local government in 2023 have more options. In this situation, you may qualify for a Special Enrollment Period (SEP), allowing you to sign up for initial enrollment or make changes.

Special Enrollment Periods may also open for beneficiaries experiencing life changes or unique circumstances. If you move abroad and come back to the United States, you may qualify for a SEP. Moving into or out of a facility, moving to a new service area or having your plan terminated by Medicare may also qualify you for a SEP.

Anyone who has missed their initial enrollment window for Medicare Part B and can’t enroll during a SEP may have to pay a late enrollment penalty. This may add an additional 10% of the monthly premium to the standard fee for coverage.

Understand Your Options During Medicare Open Enrollment

Navigating the confusing steps of open enrollment for your Medicare health insurance plan can be a challenge. Learn more about private health insurance through the Marketplace and Medicare options with guidance from Sackett & Associates Insurance Services. Contact the team of advisors today to find out your next steps.